DEVCO is also known as a New Brunswick Development Corporation. This corporation is a cutting edge and non-profit real estate development company. Devco focuses on urban real estate development. This is because Devco has a strong desire to help revitalize some areas in New Jersey.
One thing that Devco understands about revitalizing certain areas is it involves a certain amount of risk. After all, these are locations that are sometimes dealing with stagnated economies due to the recent recession. Investing in areas like this does not guarantee results, but the point is that Devco is one of the only companies attempting to get the job done. One of the reasons they have been so successful and why many people around the world have looked at their projects as inspiration is because they focus on modernization.
Devco understands that their developments have to satisfy the communities but also be modern enough to attract young entrepreneurs and other residents, which is vital for revitalization. This is why Devco arranged financing for The Heldrich. This is a high-end hotel in Middlesex County. The loan was actually given to Middlesex County Improvement Authority, and it was for the sum of 20 million dollars. The plan was to pay that loan off quickly, but this did not happen. The Heldrich has not been able to amply its prestige to attract enough tourists to the community. It has actually been operating under its occupancy rate, which has taken a toll on the hotel.
The leaders of the hotel are doing what they can and are confident that–given a little more time–they will be able to turn these numbers around. Devco understands just how important and crucial it is to attract the people in order to turn things around in the community. Hopefully–if the hotel follows Devco’s example–they are able to do just that and pay back this loan. Much more was detailed in the Press of Atlantic City article released not too long ago.