The ambitious $830 million plan to transform Camden's waterfront has been approved by New Jersey's Economic Development Authority—with a number of changes.
"Camden Waterfront 2016: A Master Plan Vision," which was first announced by developer Liberty Property Trust and architect Robert A.M. Stern in September 2015, was approved at the EDA's March 11 meeting, according to the Philadelphia Inquirer.
There are, however, a few changes to the master plan since its September announcement, including a 22 percent reduction in the overall size of the site. The Courier-Post reports the following updates:
- The site plan dwindled from 37.2 acres to 26 acres.
- 1.5 million square feet of commercial retail space, up from 500,000 square feet
- 211 residential units, down from 1,600 homes
- 130-room hotel, down from 140 rooms
- 4,000 parking spaces
- Total cost is now $830 million, down from $1 billion
The plan also calls for four phases of improvements to the waterfront park, a new ferry stop near the Ben Franklin Bridge, and two new roads.
Now that the plans have been approved, the Inquirer reports that the developers expect to break ground this fall. That's on track with their timeline from last September. According to Liberty Property Trust, they expect occupancy in late 2018 and 2019.
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