DEVCO is a Development Corporation that was started within the 1970s. This firm is based in New Brunswick, New Jersey, and specializes in the development of urban real estate projects. The firm’s main aim is to drive development and prosperity of investments in both the public and private sectors within New Brunswick City.
From the time, it was formed this firm has managed to handle over $1.6 billion worth of investments. Its operations all this time have greatly aided the New Brunswick City to rise economically and keep the right track for economic growth. Devco currently holds a record for redeveloping over 2.5 million square feet ground of projects. This has so far has costed the firm $450 million to drive these investments to success. Devco are strict followers of the business guidelines and strive for excellence and customer satisfaction.
In 2005, this private non-profit organization received a 20 million loan to fund some of its development projects. This money was dedicated to the redevelopment of the famous New Brunswick conference center and hotel, The Heldrich. The new latest report on the New Brunswick Development Corp or Devco has indicated that the firm has a hard time paying the loan.
It began its operation late in 2007 and before it even picked up the economic crisis of 2008 set in. Ever since then, the hotel has been struggling in the market. 2015 was among its best year with an occupancy rate of 63.5 %. But this did not do it any good as the most of the money collected was used to stabilize its operations. By the beginning of March, Devco had already defaulted paying principal and interest amounting to $1 million.