Monday, June 19, 2017

EDA approves $18.3M for Camden hotel with Norcross ties

Jim Walsh reports for the Courier-Post:

A state agency has approved an $18.3 million tax break for a Camden Waterfront hotel proposed by an investor group affiliated with Democratic power broker George E. Norcross III.

The Economic Development Authority, which endorsed the incentive at a June 13 meeting, earlier this year backed a $245 million tax break for a Waterfront office tower planned by the same investors.

The EDA also approved a $3 million low-interest loan for the eight-story hotel at Cooper Street and Riverside Drive.

The 180-room hotel will cost about $52.8 million, with hotel owner CHP Land LLC covering 40 percent of the expense.

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