CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) has designated Brandywine Realty Trust (NYSE:BDN) as the developer of the mixed use development for Camden’s Gateway District. This designation follows the approval of the Camden Redevelopment Agency at a meeting last night. The 13 acres earmarked for development are located off Newton Avenue between Admiral Wilson Boulevard and 11th Street.
“Brandywine is a perfect fit for this project. Brandywine has consistently demonstrated a clear focus on high-quality, well-designed urban development and their experience will be an important catalyst to establishing the Gateway District as a sought after business center,” said Richard Landers, Campbell’s Vice President of Tax and Real Estate. “Today marks an important step in the revitalization of Camden’s Gateway District that will help create jobs and spur economic growth.”
Campbell, the State of New Jersey, the County and City of Camden announced plans to develop the area adjacent to the company’s world headquarters in February 2007 with Campbell designated as the master redeveloper of the project. Since then, Campbell has invested more than $132 million in expanding its headquarters, including the 2010 opening of an 80,000-square-foot employee center and renovations to existing buildings on its campus. As part of that effort, Campbell has acquired several properties and prepared them for redevelopment. Under the terms of the agreement, Brandywine will acquire the properties from Campbell as they develop the office park for prospective users.
“We are honored to have been chosen by Campbell as the developer for the Gateway District Development,” stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “The Gateway District Development, adjacent to the internationally renowned Campbell Soup Company, will be an important component in revitalizing the city of Camden and the opportunity is consistent with Brandywine’s philosophy of developing multi-modal, office and mixed-use, town center developments of consequence.”
Development Aided by New Jersey Economic Opportunity Act
Companies that relocate to Camden will be able to take advantage of the Grow New Jersey program and the Garden States Growth Zones (GSGZ) program, both part of the New Jersey Economic Opportunity Act of 2013. Grow NJ is the state’s main job incentive program and GSGZ offers developers and tenants in the State’s lowest income cities, including Camden, tax incentive. The programs are intended to encourage job creation and economic growth by establishing tax credits to encourage businesses to stay in New Jersey. Once a company is approved, the incentives can help fund the purchase and building of new facilities.
“We are delighted and fully support Campbell’s selection of Brandywine Realty Trust as the developer for Camden’s Gateway District,” said Mayor Dana L. Redd. “Brandywine’s portfolio speaks for itself. The synergy thus far between Campbell Soup Company, Brandywine and the City of Camden has been promising. I expect a developer of Brandywine’s caliber to deliver a top notch project. With the incentives offered as a part of the Economic Opportunity Act, Camden has been able to attract high quality companies while creating jobs for our residents. We feel Camden is once again poised to become the economic engine of the region.”
About Campbell Soup Company
Campbell (NYSE: CPB) makes real food that matters for life’s moments, from high-quality soups and simple meals to snacks and healthy beverages. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by its iconic Campbell's brand, the company’s portfolio includes Pepperidge Farm, Goldfish, Bolthouse Farms, V8, Swanson, Prego, Pace, Plum Organics, Arnott’s, Tim Tam, Royal Dansk and Kjeldsens. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com and @CampbellSoupCo.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and suburban office portfolio comprising 284 properties and 33.7 million square feet as of June 30, 2014. For more information, please visit www.brandywinerealty.com.
