From the Philadelphia Inquirer:
Condo developer bullish on Camden
By Dwight Ott
Philadelphia region housing starts are sagging, condo projects have stalled, and Camden is taking hits in the news again.
None of it dents developer Carl Dranoff’s optimism. He’s still forging full-speed into Camden, still bullish on building luxury loft condos in America’s poorest and most dangerous city.
This week, the state Economic Recovery Board, which doles out state aid to the distressed city, agreed to pay $1.9 million for environmental cleanup of the condo site to be known as the Radio Lofts, a former RCA Victor building just off the city’s waterfront near a spectacular view of Philadelphia.
The money was delayed but, combined with $2 million from the New Jersey Redevelopment Authority, will cover environmental work needed to start the renovation, Dranoff said yesterday. He expects the Radio Lofts to be ready for occupancy in early 2008.
Dranoff, who renovated the waterfront Victor Building into luxury apartments in Camden, speaks with the same bouncy optimism as when he first envisioned that residential project – one of the first private investments in Camden’s waterfront renaissance. He’s still jaunty despite the state crackdown on the city’s finances, a corruption probe into one of the city’s major politicians, and law enforcement subpoenas that indicate a deepening investigation of city finances.
“Our enthusiasm and confidence never waned,” Dranoff said yesterday in a phone interview. “Persistence wins the race, and we’re persistent.
“I still believe Camden is the next hot neighborhood, a great place to invest.”
Sorry, being alive is a better investment than real estate
You know, I’m kind of leaning toward Camden as having a lot of potential. Gut? A little investment may pay off big down there.
Camden may have potential. It has the location. It was a better investment when you could buy an entire city block for $10,000, now there is a bit of funny money floating around which makes it riskier.
On the other hand, where are they going to move the population?
You know, they tried to gentrify Paterson as well. Paterson has a great location near NYC and neighbors prestigious Bergen County. Why haven’t things changed there?
They are trying to do the same to Jersey City now. Still wouldnt go near any of those places.
I think that Paterson has potential, especially in the Falls area.
jb
That is what I thought too, but it still has a majority of scary parts. Also what about the school systems? Paterson needs a ton of work to become more like its neighbor Elmwood Park.
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