Camden, N.J. — Gov. Jim Florio announced a $65-million redevelopment project on the Camden waterfrontthat includes a new plant and office building for General Electric Co.
The state believes that the project will save 1,800 jobs by keeping GE in Camden,one of New Jersey's most economically troubled cities.
Under the agreement signed, the New Jersey Economic Development Authority willacquire and demolish a closed Campbell Soup Co. plant. The authority and a developer, not yet named, will build a 350,000-square-foot high-tech office building and a 225,000-square- foot assembly plant.
GE plans to lease the buildings back for its government communication systems business.
The project is expected to create about 500 construction jobs and to pay $1 millionin property taxes when completed. GE's payroll in Camden is $86 million.