
The Beacon Building, a proposed $250 million development that city officials are hoping will alter the face of Downtown Camden and spur its economic revitalization, was announced on Jan. 14.
The 25-story tower, which will span 500,000 square feet and be built above the Walter Rand Transportation Center, will include a public square and a new parking deck.
The project will align the talents of master developer Gilbane with NJ Transit, owner of the soon-to-be reconstructed Walter Rand Transportation Center. According to sources, the two will partner in a private-public investment.
Cooper University Health, with its sprawling medical campus, will occupy some of the office space.
“The Beacon Building will signal to the region that Camden is not only a city of promise on the rise, but it is also the place to do business and the center of the Eds and Meds universe for the state of New Jersey,” Camden County Commissioner Jeffrey Nash said in a statement.
“This building will be the perfect complement for other anchor institutions in the area and will be a catalyst for continued economic development in the city and county.”
An in-person press event for Jan. 14 at the Joint Health Sciences Center on 201 Broadway in Camden to officially unveil the project to the public was postponed. Instead, another one will be rescheduled for a future date, according to a Camden City spokesperson.
Camden Mayor Victor G. Carstarphen described the project as a game changer for his city.
“This is an exciting and transcending development project which has the potential to change the landscape in Camden like no other,” Carstarphen said in an email.
“I am grateful to Governor Murphy for his commitment to rebuild the Walter Rand Transportation Center and create a 21st-century transit hub.
“This public-private investment, in combination with Cooper University Health Care’s $3 billion expansion, will not only transform the gateway into New Jersey but will spark even more new development in the city’s downtown,” said Carstarphen.
The project was first announced more than three years ago by Murphy, who at the time pledged $250 million toward what will be the tallest office building in South Jersey once completed.