NEWS RELEASE
EDA UNVEILS WATERFRONT TECHNOLOGY CENTER AT CAMDEN TO ENCOURAGE THE LOCATION AND GROWTH OF TECHNOLOGY BUSINESSES IN SOUTHERN NEW JERSEY
Camden, N.J. (October 19, 2005) - The New Jersey Economic Development Authority (EDA) today unveiled its latest state-of-the-art technology facility, the Waterfront Technology Center at Camden, enhancing the city's standing as a hub for research and development activities and reaffirming the state's commitment to encouraging the location and growth of technology businesses and related jobs in southern New Jersey.
The five-story, 100,000-square-foot Tech One building, the first of several technology structures planned for the site, is located within Camden's Innovation Zone and along a burgeoning waterfront area that serves as a gateway to the long technology corridor that runs through New Jersey. It has been designed to accommodate existing businesses in the biosciences, microelectronics, advanced materials, information technology and other high-technology and life sciences fields.
Over 150 businesses, real estate brokers, government and higher education officials, and technology industry leaders joined EDA to celebrate the completion of the new facility.
"The city of Camden is undergoing a tremendous resurgence and we are excited that the Waterfront Technology Center is going to play an important role in that renaissance," said EDA Chief Executive Officer Caren S. Franzini, who was joined at the unveiling by other state and local officials and members of the technology and life sciences communities.
The $16.5-million Tech One building is being financed through a combination of state, federal and private funds, including monies from the state's $175-million commitment to redeveloping the city through the Camden Economic Recovery Board (ERB). Over the last two years, the ERB, an EDA subsidiary created under the Municipal Rehabilitation and Economic Recovery Act, has approved close to $100 million in grants for 35 Camden projects.
Leases are now being finalized for about 80 percent of the available space. The initial tenants are expected to begin moving in during the first quarter of 2006.
The structure is fully equipped with all the amenities that technology companies need, such as redundant high-power electrical service, broadband access and other specialized equipment and services to support information technology and "green" building technologies to reduce energy costs, Franzini said.
"At the same time, we've created the critical financing and technical assistance tools to further support growing technology and life sciences companies as they develop their products and technologies and seek to achieve commercial success," she said.
Caren Franzini, EDA CEO, is joined by Camden Mayor Gwendolyn Faison (center) and Camden COO Randy Primas.
The EDA's Techniuum Initiative, for example, is aimed at encouraging the location and growth of technology and life sciences companies and jobs in New Jersey by providing a continuum of customized, streamlined, long-term support as these businesses advance through their life cycle of growth, Franzini said.
"Techniuum will enable us to build on our successes and solidify New Jersey's support for developing technologies and industries that bring new economic opportunities and jobs to the state," Franzini said. This support encompasses a variety of financing options, including angel guarantees, low-interest loans, venture funding, tax incentives and grants for job creation, as well as real estate facilities like the Waterfront Technology Center and technical assistance and mentoring services, she explained.
Additionally, to further leverage ERB assistance and stimulate more commercial business activity in the city, the EDA has collaborated with the Camden Redevelopment Agency (CRA) to introduce two business incentive programs that will support for-profit and not-for-profit businesses by reducing the amount of their lease payments or funding physical improvements to their business facilities. The incentives will supplement other state and municipal resources that are available to attract and maintain businesses, create a wide spectrum of job opportunities for city residents and foster other economic development opportunities.
Under a Business Lease Incentive, $15 million in grant funds is now available to businesses that plan to lease more than 1,500 square feet of market-rate building space. Grants are also available to businesses within the city seeking to lease a minimum of 1,500 square feet of additional space. The incentive will reimburse financially viable businesses a portion of their annual lease payment. In addition, $1 million in grant funds is now available through a Business Improvement Incentive to reimburse financially viable businesses for 50 percent of the cost of building improvements, with a maximum incentive of $20,000. To supplement this incentive, the CRA has committed $300,000 in Urban Enterprise Zone funds to guarantee loans by PNC Bank to commercial and retail businesses located within the city's major corridors.
The EDA has also established the Camden Technology Fund to help spur economic growth in the city. The fund is designed to assist pre-venture capital and pre-banking stage businesses working toward product commercialization. It should also help attract and foster the growth of small technology businesses in Camden. The $1-million fund includes monies from the EDA, the Camden Empowerment Zone, the Department of Labor and Workforce Development, and New Jersey Community Capital. The EDA is providing the underwriting, servicing and management of the fund.
For more information on these incentives, click here.
The facility is located within the Camden Innovation Zone, a technology neighborhood that was set up to encompass state universities, research institutions and related businesses and is designed to spur collaborative efforts and encourage the rapid transfer of discoveries from the laboratory to the marketplace. Innovation Zones, a collaborative state effort involving the EDA, the New Jersey Commission on Science and Technology and other state agencies, also have been established in Newark and Greater New Brunswick. Each zone features a commercialization facility to provide specifically designed office and lab space for startups. Enhanced financial incentives also are available to eligible businesses locating in these zones.
"Our aim is to attract high-tech and life sciences businesses into Innovation Zones like the one in Camden, which offer the potential for partnerships with state's public research universities and medical research facilities that will ultimately lead to business and job growth," Franzini said.
Event attendees take in the spectacular view from the Waterfront Technology Center.
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