On the Camden Waterfront
Democratic power broker George E. Norcross III and his business partners have invested in projects along Camden’s Delaware River waterfront that have benefited from nearly $290 million in tax credits and other incentives from the state. Norcross and his partners own five properties there. The Norcross family helped create the 2013 law that has led to the approval of about $1.6 billion in tax credits for companies to move to Camden.
Delaware River
Ferry Terminal
Building
Triad1828
1
3
P5 lot
2
EDA
parking
lot
4
11 Cooper
5
6
Parking Lot Nine
Ferry Terminal Building
An investor group that includes George Norcross acquired the office complex in 2016, for $16.5 million. Since then, two tenants that won tax credit packages have moved into the space. The tax credits cover the rent.
P5 lot
The partners in Triad1828 paid $1 to buy this parcel from Liberty in 2018.
4
1
Parking Lot Nine
The Delaware River Port Authority had this three-acre lot appraised at $2.3 million in 2015. The DRPA sold it to Liberty Property Trust in 2016, for $800,000, and Liberty sold it to a Norcross investor group in 2018, for $350,000.
5
EDA parking lot
The New Jersey Economic Development Authority spent $555,000 to build this lot for members of the public and patrons of waterfront events. The agency asked the Camden parking authority to terminate a lease for the lot with a Norcross investor group, because it was not meant for “employee parking for privately owned businesses.”
2
11 Cooper
The partners in Triad1828 also won an
$18.1 million state development grant for this apartment complex. George Norcross said he lives here.
6
Triad1828
Conner Strong & Buckelew, NFI, and The Michaels Organization won $245 million in tax credits in 2017 to build the tower. The firms paid Liberty $3 million for the land.
SOURCES: N.J. Economic Development Authority records; Camden County property records; appraisal commissioned by the Delaware River Port Authority; April 2019 aerial photo by Pictometry International
3
JOHN DUCHNESKIE / Staff Artist
On the Camden Waterfront
Democratic power broker George E. Norcross III and his business partners have invested in projects along Camden’s Delaware River waterfront that have benefited from nearly $290 million in tax credits and other incentives from the state. Norcross and his partners own five properties there. The Norcross family helped create the 2013 law that has led to the approval of about $1.6 billion in tax credits for companies to move to Camden.
Delaware River
3
1
2
4
5
6
Ferry Terminal Building
An investor group that includes George Norcross acquired the office complex in 2016, for
$16.5 million. Since then, two tenants that won tax credit packages have moved into the space.
The tax credits cover the rent.
1
EDA parking lot
The New Jersey Economic Development Authority spent $555,000 to build this lot for members of the public and patrons of waterfront events. The agency asked the Camden parking authority to terminate a lease for the lot with a Norcross investor group, because it was not meant for “employee parking for privately owned businesses.”
2
Triad1828
Conner Strong & Buckelew, NFI, and The Michaels Organization won $245 million in tax credits in 2017 to build the tower. The firms paid Liberty
$3 million for the land.
3
P5 lot
The partners in Triad1828 paid $1 to buy this parcel from Liberty in 2018.
4
Parking Lot Nine
The Delaware River Port Authority had this three-acre lot appraised at $2.3 million in 2015. The DRPA sold it to Liberty Property Trust in 2016, for $800,000, and Liberty sold it to a Norcross investor group in 2018, for $350,000.
5
11 Cooper
The partners in Triad1828 also won an
$18.1 million state development grant for this apartment complex. George Norcross said he lives here.
6
SOURCES: N.J. Economic Development Authority records; Camden County property records; appraisal commissioned by the Delaware River Port Authority; April 2019 aerial photo by Pictometry International
JOHN DUCHNESKIE / Staff Artist
