The New Brunswick Development Corporation (hereby known as Devco) is a company that uses private and public funds to redevelop the City of New Brunswick. Its president is Christopher J. Paladino, who also resides over the Atlantic City Development Corp. Devco has created a model in the once dirty, crime-ridden City of New Brunswick by working with city officials to bring down the crime rate and invest in the redevelopment of its downtown. Devco has redeveloped government buildings, residential housing, hotels, theaters, restaurants, hospitals, hotels, and more.
Devco’s central focus has been building in small areas at a time, as opposed to spreading its resources too thin. It also focuses on utilizing the assets of the city, the business district and downtown. According to its website, Devco has used over $1.6 billion to redevelope New Brunswick and help with its economic revitalization. At this point in time, it also has approximately $450 million worth of new projects underway. However, according to the Press of Atlantic City, not everything is well at Devco.
According to an article released by the Press of Atlantic City, Devco arranged payment for a hotel in Brunswick City through the Middlesex County Improvement Authority in 2005, agreeing to pay back the bonds given with revenue from the hotel. But the company has defaulted on its $20 million loan by nearly $7 million since 2005 when the loan was made. The hotel has not only struggled to attract guests, but has had to use its own money to keep the hotel running. Yet despite its financial struggles, Devco President Christopher Paladino promises to continue guiding the hotel to success and to pay back the original loan provider, the Casino Reinvestment Development Authority, just not for a couple of years.