The New Brunswick Development Corporation has been in working for around 40 years as it seeks to help the state of New Jersey becoming a financial success for the various communities who call the state home. The non profit is headed by attorney Chris Paladino who works with various private and public investment groups to find the best ways of helping the community of New Brunswick with a higher standard of life for all in the area.
The Devco played an important role in the development of The Heldrich hotel and casino, but does not limit itself to finding funding for private developments; instead, the group has spent a large amount of time looking to assist the people of New Brunswick with improved arts, education, and leisure facilities. Among the projects the Devco has been involved in in recent years are the development of two new schools in the area.
The good works completed by the Devco have included a number of private developments, including the $200 million launch of the 235 The Heldrich hotel that opened in the midst of the economic crisis of 2007 and 2008. The hotel and casino has recently seen something of a resurgence with occupancy rates reaching over 60 percent, according to the Press of Atlantic City; despite rising occupancy rates a loan repayment to the Casino Redevelopment Development Authority of $1 million was not repaid by Middlesex County Improvement Authority.
In total, the Middlesex County Improvement Authority has failed to make repayments on the $20 million loan for the last five years. However, Devco head Christopher Paladino remains confident the full loan repayments will be made and points to the repayment of $30 million in senior bonds from $107 million in financing sourced by the Devco with around five percent in interest added.