DEVCO is a real estate development company. The company also known as New Brunswick Development Corporation is a private nonprofit company for the urban for the city’s revitalization. This company was founded in the mid 1970’s. The company is great at making a solid public-private partnership. They are also very knowledgeable in strategic alliances and project financing. The company has administrated nearly $1.6 billion into investments in New Brunswick.
The Press of Atlantic noticed that questions began to come about when the company did not pay $20 million back in Casino Reinvestment Development Authority loans. The article states that the company’s attorney Chris Paladino says “CRDA will be paid, but it’s just going to take a couple more years.” The company has taken loans for businesses such as The Heldrich, a New Brunswick hotel and conference center. This 235 room building opened in 2007. CRDA has stated to date they still have not received a payment on the loan. In defense The Heldrich has a few economic impacts. Some of those affected are 235 unionized employees and even the people who visited the hotel.
DEVCO took a really bad block in a neighborhood and made it gorgeous. The outcome of the project is amazing. The company is working very hard to pay the loan back.