New Brunswick Development Corporation (Devco) was established in 1976 as a nonprofit development company to initiate redevelopment projects and to serve as the vehicle for public and private investment in the City of New Brunswick. Under the leadership of Christopher Paladino, DEVCO has initiated, developed, and managed 8.3 million square feet in residential, commercial, academic, and institutional development projects valued at $3.5 billion in order to aid in economic revitalization.
Devco undertakes community development projects as may be necessary to promote and improve the economic, social, cultural, institutional, and physical environment of the communities that it serves. Devco has developed a model that allows it to fulfill its mission in ever changing real estate and market conditions. It has focused on developing strong local collaborations and using true public private partnerships to promote and successfully carry out redevelopment projects. Devco, together with its public and private partners, work together to conceive of important and essential redevelopment initiatives, develop sound project financing structures, put together teams of highly qualified professionals and contractors, successfully complete projects and manage the assets once complete.
Devco’s use of public-private partnerships brings a business-oriented approach to its planning and redevelopment projects. Devco has built new public schools and state-of-the-art health care facilities, created public office buildings, hospitality ventures, and major mixed use development initiatives and developed market rate, senior, student, and affordable housing, as well as participated in the planning necessary for continued growth and revitalization.
Devco harnesses the key components of successful urban revitalization, while bringing the expertise necessary to leverage a variety of public and private resources to achieve multiple development goals. A longstanding history of institutional interplay allows the organization to leverage public and private resources to move projects from concept to construction in a timely and cost efficient manner.
For each of its projects, Devco assembles experienced teams of development partners, professionals, and government entities to bring a leading-edge approach to resolving issues and to achieve the successful completion of important public/private development initiatives.
Currently under development is the $900 million Rutgers Cancer Institute of New Jersey project, together with the development of a new structured parking facility and the $55 million Blanquita B. Valenti Community School. Also underway is H-1 @ The HELIX, a new $730 million dedicated research, innovation, and medical education facility in downtown New Brunswick. The facility will include a new medical school for the Rutgers Robert Wood Johnson Medical School, a new Translational Research facility in partnership with Rutgers University and the New Jersey Innovation Hub providing space for start-ups and entrepreneurs. The project represents the largest investment in Life Sciences research and education in New Jersey. Most recently, Paladino lead the completion of the New Brunswick Performing Arts Center and residential tower, in partnership with the Mason Gross School of the Performing Arts, George Street Playhouse, Crossroads Theater, American Repertory Ballet, and Middlesex County.
Prior projects completed have included the Gateway Development Initiative in Atlantic City which included the development of the new Atlantic City campus for Stockton University, the College Avenue Redevelopment Initiative on the Rutgers-New Brunswick campus, and the renovation of the former Rutgers Law School in Newark as university housing, together with many other key redevelopment projects in New Brunswick and throughout New Jersey. Current/Recently Completed Projects.
H-1 @ THE NEW JERSEY HEALTH + LIFE SCIENCE EXCHANGE (HELIX)
Set to open in 2025, Devco’s latest project being developed in downtown New Brunswick is the first phase of the New Jersey Health + Life Science Exchange, or the HELIX. This project – known as H-1 – involves the construction and development of a 12-story, 574,000 square foot building consisting of three major components including the New Jersey Innovation HUB providing space for innovation and startups, new research laboratories for Rutgers University’s translational research effort and a new medical education facility for the Rutgers Robert Wood Johnson Medical School.
In October 2018, Governor Phil Murphy issued a call to action with the publication of “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey”. The plan establishes both a vision to return New Jersey to its former place as a global power in the innovation economy as well as a path to execute this vision.
In the plan, Governor Murphy affirms that innovation is the lifeblood of New Jersey’s economy and that the entrepreneurial spirit of Edison, Einstein, Waksman, and Sarnoff should serve as a challenge for us to unlock the potential of that spirit for a new generation. Specifically, Governor Murphy calls for growing the innovation economy and capturing the economic multiplier effect of those industries where up to five additional jobs are created by each job in the innovation economy. Several key sectors were identified as the foundation for this plan, including Life Sciences and Bio-Tech. A vital component of the Governor’s call to action is the targeted engagement and leveraging of the state’s major research universities to aid in the acceleration of early-stage companies from start-up to commercialization.
The HELIX answers the call head on by establishing the only ecosystem in the country where academic researchers, entrepreneurs, medical students, and educators will co-locate in an environment of collaboration and discovery where creative collisions can truly occur.
From industry to academia, individuals to organizations, the HELIX is building a community at the forefront of innovation in Health & Life Sciences. We have strategically partnered with the State’s preeminent anchors in education, medical, and institutional innovation development. These Core Partners include Rutgers University, Hackensack Meridian Health, RWJ Barnabas Health, New Jersey Economic Development Authority, and Middlesex County. Committed tenants include Princeton University and DEVCO. International University partnerships have been established with Tel Aviv University in Israel and Atlantic Technological University in Ireland.
THE RUTGERS CANCER INSTITUTE OF NEW JERSEY
Construction is also underway on a new, state-of-the-art, free-standing cancer pavilion. This project will expand the Rutgers Cancer Institute of New Jersey, New Jersey’s only NCI-designated Comprehensive Cancer Center. This facility will include 96 inpatient beds, 84 infusion bays, 74 exam rooms, nine operating rooms, and extended outpatient care. There will also be state-of-the-art research laboratories. The ability to translate scientific findings from ‘bench to bedside’ and back to the laboratory will provide researchers with more immediate feedback on clinical trials. These labs will put “science on display” with visibility to patients and visitors.
The 12-story, 520,000 square foot facility will be connected to the existing Cancer Institute and the Robert Wood Johnson University Hospital via a skywalk. The new Cancer Institute will provide 500 – 600 new jobs once the project is completed in 2024.
“Innovation is the lifeblood of New Jersey’s economy. The HELIX will create an eco-system that will help reignite the entrepreneurial spirit of Edison, Sarnoff, Waksman, and Claude Shannon, unlocking the potential of that spirit for a new generation.” — Christopher J. Paladino, President
