New Brunswick Development Corp., which Paladino heads as president, is known for transformative projects. Under his leadership, DEVCO has initiated, developed and managed nearly 5.4 million square feet in residential, commercial, academic and institutional activity valued at more than $2 billion through a unique brand of public-private joint venture partnerships.
In New Brunswick, the work has literally changed the landscape, and it continues to do so. The forthcoming $750 million Jack and Sheryl Morris Cancer Center, which DEVCO is developing, celebrated its topping out in the city in 2022. The RWJBarnabas Health and Rutgers Cancer Institute of New Jersey project will bring the first freestanding cancer hospital to the state while also helping to foster educational and entrepreneurial opportunities. In fact, the project is so impressive that NAIOP NJ’s Deal of the Year judges decided to honor it with an unannounced, special Transformation Award at its gala in the spring.
Also currently at work in the Hub City: the $55 million Blanquita Valenti public elementary school, which is being funded as part of the development of the cancer center; and the $665 million, 550,000-square-foot New Jersey Innovation & Technology HUB – a project unlike any seen in New Jersey that will be used by both Rutgers and Princeton universities, along with Hackensack Meridian Health and Rutgers Robert Wood Johnson Medical School. And all that work in New Brunswick is expected to get an added boost from the $49 million in upgrades the city’s train station is set to receive under plans announced by the state this fall.
Paladino is also at work in Atlantic City with AC DEVCO. There, the Gateway Redevelopment project is progressing on the second phase of construction for Stockton University’s campus in the city. And according to reports, talks are underway regarding phase three. From the seaside to across the ocean, DEVCO and Paladino also signed an MOU with Atlantic Technological University and Choose New Jersey as a result of the administration’s outreach trip to Ireland in the first part of 2022. In a move to promote foreign investment, among other benefits, DEVCO will offer ATU companies six months of free space at the forthcoming New Brunswick HUB.
