DEVCO which is known as New Brunswick development corporation is a private nonprofit urban real estate. It was founded in the mid 1970s in order for it to serve as a catalyst for the city’s revitalization. It was then recognized by the New York Times as one of the powerful engine for economic growth. DEVCO helped the city achieve a remarkable renaissance. DEVCO operated under the guidance of the commissioner who is responsible for the international cooperation and development. DEVCO is also known to be an organization chart and also mission statement due to the structure put by the management and its purpose for the organization.
Its expertise are known for creating strategic alliance as one of the strongest public private partnerships and innovative project financing structure that has resulted in a diverse inventory of award winning used project. Since its inception, DEVCO has overseen nearly 1.6billion dollars in investing in New Brunswick. Today even in some of the challenging times in the country’s history New Brunswick Development Corporation has remained too robust because of its unique in rapprochement of redevelopment. It is therefore known that successful redevelopment requires a lot of capitalizing on momentum. It is therefore recognized as an opening one project that breaks on ground. DEVCO is third in the envisioning projects in future.
According to the article written by pressofatlanticcity about New Brunswick Development Corporation last month, the Middlesex county improvement authority failed to pay 1million dollars in a principal and interest on a loan of 20million dollars received from a casino. The loan was made in 2005 where the bankrolled construction of the Heldrich , a new Brunswick hotel and conference center development which were funded by the nonprofit Brunswick development group. According to the board of directors of DEVCO the CRDA will be paid but it will take a couple of years to pay.