Progress on Gateway District Development Project Continues
CAMDEN, N.J., August 5, 2008 – Campbell Soup Company (NYSE:CPB) today announced that it has acquired a 1.1-acre tract of land previously owned by the Camden Parking Authority as part of its efforts to develop an office park adjacent to its headquarters.
Campbell purchased the land, which had been used as a parking lot for city vehicles, for $181,000. The property is located between 11th Street and Admiral Wilson Boulevard in Camden. It is adjacent to two additional parcels Campbell purchased earlier this year (a former commercial laundry operation and elevator building). In total, Campbell has acquired more than 5 acres of land in the immediate area for redevelopment as part of a planned office park. Plans call for the office park to accommodate 200,000 square feet of office space.
“This latest land acquisition demonstrates Campbell’s commitment to the revitalization of the Gateway District,” said Robert Zane, Campbell’s Vice President of Real Estate Operations. “We are making great strides with this project and look forward to the many benefits it will bring to Campbell, to the city and to the entire region.”
In July, Campbell demolished the abandoned and graffiti-covered Sears Tire and Battery building, located next to the long-neglected Sears building, on Admiral Wilson Boulevard. The demolition was a significant step in the revitalization of the Gateway District. The Camden Redevelopment Agency condemned the tire and battery building, and Campbell paid for the demolition of the site. The 1.9-acre site also will become part of the planned office park.
Campbell and Camden County Municipal Authority have also begun utility relocation projects necessary to construct Campbell’s 80,000-square foot employee services building. Additionally, Campbell has completed renovations to several entrances of its existing buildings.
The planned office park will sit on approximately 100 acres, with Campbell’s campus occupying approximately 40 acres. The development will span parcels that previously contained vacant and neglected buildings, empty parking lots and other parcels not being used.
Campbell plans to invest up to $72 million in its new facilities and government agencies will invest approximately $23.5 million to upgrade roadways and other utilities in the area.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup, baked snacks, and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” and “V8.” For more information on the company, visit Campbell’s website at www.campbellsoup.com.
Anthony Sanzio (Media)
Campbell Soup Company