Recently, it was announced that the Middlesex County Improvement Authority missed a $1 million payment on its $20 million loan. This loan was furnished by the Casino Reinvestment Development Authority for the construction of the Heldrich building. This building went up in 2005 and is a valuable location in the New Brunswick area. The Heldrich building serves as a hotel but also hosts many high profile conferences and events throughout the year. The missed payment represents a concerning trend over the past 5 years that has led to over $7 million total in missed payments. If this pattern continues, many citizens worry that the growing amount owed will start to impact the essential construction and emergency services that keep the city safe. Attorney Chris Paladino assured the concerned citizens that the loan will be repaid in full but that it will take “a couple years.”
The New Brunswick Development Company, also known as DEVCO, represents the latest in the development of urban real estate. The non-profit corporation has developed an impressive track record of reclaiming some of the most dilapidated sectors of the New Brunswick area and transforming them into attractive real estate sites in the city. Since its inception, the New Brunswick Development Company has invested more than $1.5 billion in new infrastructure in the New Brunswick area. Its success in raising capital has fueled the revitalization of New Brunswick. This influx of construction has brought new companies to the New Jersey area. The increase in jobs has helped the city survive the toughest of economic times. Furthermore, New Brunswick Development Company was recently recognized by the New York Times for its success. The secret is constant building. When one project finishes, multiple other projects are already underway. With the constant construction, New Brunswick is changing for the better.