EnCap developer bails out of South Jersey project
http://www.northjersey.com
In South Jersey, Cherokee had planned to develop a mix of homes, hotels, shops and a transit stop on up to 600 acres at a former industrial site along the Delaware River in Pennsauken. The private equity firm had spent three years working on the project, which some environmentalists had opposed. They wanted the property to be used as a wildlife refuge.
The company's decision is a result of the sluggish housing market, which has made it difficult to obtain financing and reduced the value of undeveloped land, the News & Observer reported.
In an exchange of letters March 20, the town of Pennsauken and Cherokee agreed to let their waterfront development agreement expire at the end of that month.
Comments