Dive Brief:

• A developer known for its recent work on the Philadelphia skyline has announced a plan to transform a section of one of the poorest areas in the country: Camden, NJ.
• Liberty Property Trust's $1 billion plan for a 16-acre space on the Camden waterfront includes 1.7 million square feet of office space in two towers, as well as a hotel, 325 housing units, retail space and a parking garage. Architect Robert A.M. Stern designed the plan, which includes a park along the river connecting the various buildings.
• The Malvern, PA,-based developer hopes to break ground on the project — which, if approved, will be the priciest single development plan in the history of Camden — by fall 2016 and complete it by 2019.

Dive Insight:

Developers have set their sights on the Camden, NJ, waterfront — formerly an industrial site, which is now mostly parking lots — for decades. But the state's 2013 tax incentive program has spurred a new wave of construction opportunities in the area.

The program offers tax credits throughout 10 years equal to the amount spent on construction for businesses that move to Camden. To qualify for the incentive program, the businesses have to meet several requirements, such as bringing a certain number of new jobs to Camden and remaining in the city.

Liberty Trust's president said the developer would not apply for the incentives, but the businesses that move to the new buildings plan would take advantage of the program.

Companies that have already utilized the tax incentive program include Subaru, which is moving its North American headquarters from Cherry Hill, NJ, to Camden, and the Philadelphia 76ers, which plans to construct practice facilities and offices near the Camden waterfront.