Rowan to Purchase Former Camden Bank for Expansion
Rowan to Purchase Former Camden Bank for Expansion
February 19, 2009
Glassboro, NJ—The Rowan University Board of Trustees at its February 18 meeting approved that the University proceed with its expansion plans in Camden by purchasing the First Camden National Bank & Trust building located on the corner of Cooper Street and Broadway.
Rowan opened a satellite campus in Camden in 1969. Today, the Camden Campus offers its more than 500 students three degree programs and services such as a preschool program and English as a Second Language classes that address the needs of the mostly non-traditional-aged students, the majority of whom reside in Camden County.
With the purchase of the building, the University plans to increase enrollment to 1,500 students; expand academic programs, particularly urban education; develop a more expansive relationship with Camden County College to expedite graduation for those students who transfer to Rowan; develop partnerships with area businesses and institutions; and draw more traditional-aged undergraduate and graduate students to the city.
“Camden is well on the road to recovery, but no one organization or agency can do it on its own,” said Dr. Donald Farish, president of Rowan University. “We are proud to be able to follow through on the promise we made to Camden and its residents to play a larger role in the greater revitalization effort.”
Rowan was allocated $5 million in matching funds by the New Jersey Economic Development Authority through the Municipal Rehabilitation Economic Recovery Act of 2002 that brought $175 million to Camden for redevelopment projects. The University’s original plan was to construct a building within what is referred to as the University District, between Broadway and the waterfront along Cooper Street, but previous attempts to purchase property failed. Rowan will use those funds toward the purchase of the bank and needed renovations.
“Rowan is showing its commitment to the city by moving forward with this purchase,” said Judge Theodore Z. Davis, chief operating officer for Camden. “I applaud Rowan and plan to support it in every way possible. It’s critical that this purchase move forward quickly.”
Negotiations with the owner of the building, Quercus Alba LLC, of New York, have stalled, even though Rowan offered the owner 10 percent above the appraised market value of $2.85 million. The Rowan Board of Trustees’ vote authorized the University to file court papers to acquire the building through eminent domain if necessary. Nevertheless, University officials remain hopeful that there will be an amicable settlement on price with no need to complete the process.
“One of the obstacles to the overall redevelopment of Camden is that important pieces of real estate are tied up by speculators,” said Farish. “It is essential that public entities have the ability and courage to undertake projects for the public good.”
Quercus paid $2.7 million for the bank and its annex in 2003. The majority of space in the two buildings currently is unoccupied, although portions of the bank are leased to the Latin American Economic Development Association, and the ground floor of the annex is occupied by four retail stores. Rowan will honor the tenants’ leases and will pay the city an annual payment in lieu of taxes for the bank building and the annex.
“Rowan’s expansion plans perfectly reflect the intent of the Economic Recovery Act, to create a university district and critical mass for attracting and leveraging additional public-private investments,” said Senator Dana Redd (D - Dist.5). “The educational programs they plan to offer and partnerships they will make with the public schools and local businesses will go a long way in helping the residents of Camden and in strengthening the city.”
When the acquisition is complete, Rowan students will not have far to travel. The University currently owns a building with Camden County College on the corner of Broadway and Cooper, catty-corner from the bank building.
- end - For the history of the bank, visit http://www.dvrbs.com/camden-bank/CamdenNJ-Banks-FirstCamdenNB&T.htm
Rowan opened a satellite campus in Camden in 1969. Today, the Camden Campus offers its more than 500 students three degree programs and services such as a preschool program and English as a Second Language classes that address the needs of the mostly non-traditional-aged students, the majority of whom reside in Camden County.
With the purchase of the building, the University plans to increase enrollment to 1,500 students; expand academic programs, particularly urban education; develop a more expansive relationship with Camden County College to expedite graduation for those students who transfer to Rowan; develop partnerships with area businesses and institutions; and draw more traditional-aged undergraduate and graduate students to the city.
“Camden is well on the road to recovery, but no one organization or agency can do it on its own,” said Dr. Donald Farish, president of Rowan University. “We are proud to be able to follow through on the promise we made to Camden and its residents to play a larger role in the greater revitalization effort.”
Rowan was allocated $5 million in matching funds by the New Jersey Economic Development Authority through the Municipal Rehabilitation Economic Recovery Act of 2002 that brought $175 million to Camden for redevelopment projects. The University’s original plan was to construct a building within what is referred to as the University District, between Broadway and the waterfront along Cooper Street, but previous attempts to purchase property failed. Rowan will use those funds toward the purchase of the bank and needed renovations.
“Rowan is showing its commitment to the city by moving forward with this purchase,” said Judge Theodore Z. Davis, chief operating officer for Camden. “I applaud Rowan and plan to support it in every way possible. It’s critical that this purchase move forward quickly.”
Negotiations with the owner of the building, Quercus Alba LLC, of New York, have stalled, even though Rowan offered the owner 10 percent above the appraised market value of $2.85 million. The Rowan Board of Trustees’ vote authorized the University to file court papers to acquire the building through eminent domain if necessary. Nevertheless, University officials remain hopeful that there will be an amicable settlement on price with no need to complete the process.
“One of the obstacles to the overall redevelopment of Camden is that important pieces of real estate are tied up by speculators,” said Farish. “It is essential that public entities have the ability and courage to undertake projects for the public good.”
Quercus paid $2.7 million for the bank and its annex in 2003. The majority of space in the two buildings currently is unoccupied, although portions of the bank are leased to the Latin American Economic Development Association, and the ground floor of the annex is occupied by four retail stores. Rowan will honor the tenants’ leases and will pay the city an annual payment in lieu of taxes for the bank building and the annex.
“Rowan’s expansion plans perfectly reflect the intent of the Economic Recovery Act, to create a university district and critical mass for attracting and leveraging additional public-private investments,” said Senator Dana Redd (D - Dist.5). “The educational programs they plan to offer and partnerships they will make with the public schools and local businesses will go a long way in helping the residents of Camden and in strengthening the city.”
When the acquisition is complete, Rowan students will not have far to travel. The University currently owns a building with Camden County College on the corner of Broadway and Cooper, catty-corner from the bank building.
- end - For the history of the bank, visit http://www.dvrbs.com/camden-bank/CamdenNJ-Banks-FirstCamdenNB&T.htm