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Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
Weichert Cos. acquires N.J. title processing firm and title agency
The Morris Plains-based homeowner services company The Weichert Cos. has acquired a pair of title services companies, it announced this week.The Morris Plains-based homeowner services company The Weichert Cos. has acquired a pair of title services companies, it announced this week.
The Weichert Cos. has taken over Virtual Endeavors LLC, a title processing, settlement services and closing management company, as well as Synergy Title Agency LLC, both based in Toms River. Weichert said the acquisitions represent investments in its title production and settlement services businesses.
“When Weichert Title Agency in New Jersey required extra capacity to manage the growing volume of closings, we turned to Virtual Endeavors, the largest and most capable supplier of outsourced settlement services in the state,” Aram Minnetian, The Weichert Cos.’ chief operating officer, said in a prepared statement. “Virtual Endeavors has done an outstanding job as our key supplier the past two years. The company’s depth of expertise and strong quality orientation will ensure that we have adequate capacity to meet the needs of Weichert sales associates, attorney clients and retail customers.
“It will also allow us to take advantage of the growing trend toward utilizing settlement services companies in attorney-driven states and regions.”
Aubri Holler, owner of the two businesses, will join Weichert as president of settlement services. In this role, she will serve as the senior leader of the company’s settlement services businesses, including Virtual Endeavors and the Pennsylvania-based Settlement Express. Holler’s staff has joined the Weichert Title Group, as well.
“Joining the Weichert Title Cos. will enable us to provide a unique, turnkey title solution for our clients,” she said in a statement. “Having worked closely with Weichert previously, I know that our companies share a common vision for operational excellence and legendary customer service. Our team can’t wait to get started.”
Hard Rock could be just what A.C. needs
Chris Paladino has been working with the group trying to revitalize Atlantic City by diversifying its economy for more than a year.
And while the Atlantic City Gateway project appears to be well on its way to reaching its goal, Paladino couldn’t overstate the importance of Hard Rock International agreeing to buy the Trump Taj Mahal and refurbish it into a casino and hotel property less than two miles from the project he’s working on.
“It’s a really big deal,” he said. “They are going to employ 2,000 to 3,000 people, which is a good thing. But it’s more than that.
“This certainly goes a long way in impacting public opinion that this is a viable place to invest.”
The deal had been in the works for months, but its announcement — last Wednesday night — came as somewhat of a surprise to the economic development community.
Adding such a big name to an area that has been shrinking its casino footprint was not expected.
“Hard Rock doesn’t just go anywhere,” Paladino said. “This is bringing one of the top three or four names in gaming in the world to Atlantic City, which not only bodes well for the success of the Gateway project, but creates an impression in the industry and the public at large that Atlantic City is a viable tourist destination.”
Jim Allen, chairman of Hard Rock International, said the deal made sense in a statement he released last week.
He said the company was ready to invest $300 million in the property, which will be called the Hard Rock Hotel & Casino Atlantic City.
“We are excited to be part of this revitalization of Atlantic City, creating thousands of jobs to help local employment,” Allen said. “We are 100 percent convinced Hard Rock Hotel & Casino Atlantic City will be a success.”
A success for many.
Rummy Pandit, the executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, said the Hard Rock will benefit the city and his students.
“This is really a positive thing for the entire area,” he said. “This means bringing back close to 2,000 hotel rooms and 150,000 square feet of meeting space. This is important as Atlantic City moves away from gaming to being a resort town for meetings and conferences.”
His students also will gain, he said.
“This just adds to the opportunities our students have for internships and hands-on learning experiences,” Pandit said.
Pandit said Hard Rock’s ability to draw top-level entertainment acts helps separate itself from other casinos, making it an even bigger get for the city.
“That’s their focus,” he said. “They want to differentiate themselves and that’s how they do it.”
The timing couldn’t be better for Wasseem Boraie, the vice president of Boraie Development.
Last November, his company broke ground on The Beach at South Inlet in Atlantic City, an $81 million, 250-unit residential complex that is the first market-rate apartment project to go up in the city in decades.
It will be located just a few blocks from the Hard Rock casino.
“Having a world-class brand like the Hard Rock being within two blocks of our Beach at South Inlet project becomes an absolutely spectacular amenity for all of our residents that will be living there,” Boraie said in a statement. “We are so happy to see the investment in Atlantic City and we look forward to other things happening in the inlet.”
Terms of the deal were not released.
Carl Icahn, who also owns Atlantic City’s Tropicana Casino and Resort, said in a statement that he only wanted to own one casino in Atlantic City.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” he said. “A sale of the Taj Mahal therefore represents the optimal outcome for us. We wish Hard Rock and its partners the best of luck with the Taj Mahal.”
Icahn, the well-known billionaire investor, had closed the casino last October after failing to come to an agreement with union workers. He said in January that he had lost $300 million on the property.
Hard Rock International is based in Orlando, Florida. But the deal has a big Jersey feel.
Allen is a 1978 graduate of Mainland Regional High School in Linwood and still owns a home in Linwood, according to The Press of Atlantic City, which first broke the story of the sale.
Two other investors, the Jingoli and Morris families, have strong ties to the state as well.
Jack Morris is the CEO of Edgewood Properties, a real estate development company based in Piscataway.
Joseph Jingoli is the construction manager for Stockton University’s Atlantic City campus.
Joseph Jingoli and Michael Jingoli released the following statement:
“We are excited to be part of such an important project for Atlantic City. This project is led by a proven leader in gaming, brings hundreds of million dollars in new investment, creates hundreds of construction positions, countless positions within the Hard Rock casino-hotel and will bring thousands and thousands of new visitors to this great city. We are proud to continue our record of investment and job creation in Atlantic City.”
Atlantic City Mayor Don Guardian said in a statement that the sale is a positive sign for the embattled city.
“We have over 160 years of investors who believe in Atlantic City, investors who continue to believe that our best days are still ahead,” he said.
“Now is the time to invest in our great city. The price is right. We need to bring back thousands of jobs for our Atlantic City residents and for South Jersey. Today’s announcement is a great step in that direction.”
Some say the Atlantic City Gateway project is leading that charge.
Paladino describes Gateway as a multiuse urban redevelopment project. The first phase will be an urban residential campus for Stockton, which will have 500 students living in town and 500 or so more coming there every day for classes.
“This is a very blocking-and-tackling urban development strategy that’s worked in urban areas all over the state,” he said. “Even on rainy February days, there’s going to 1,500 people coming and going, buying food, using the stores in the area.”
The Hard Rock, Paladino said, will impact the town and the Gateway project.
“For starters, it will help energize the boardwalk in a place that has gotten very dark,” he said.
“It directly impacts our project this way: If people feel better about Atlantic City, it accelerates our ability to fully develop AC Gateway properties.”
Paladino cautions, however, that the Hard Rock Hotel & Casino Atlantic City does not solve all of the city’s issues.
“What people have to continue to remember is that there is no silver bullet for Atlantic City,” he said. “It’s historically been a tourist destination for 150 years. What we’re doing is pushing the rock up the hill in basic urban development, trying to diversify the economy. But these things certainly do run parallel courses and intersect at some point.
“The Hard Rock will bring millions of people to Atlantic City. That makes it a better place, a safer place.
“It’s really a big deal.”
E-mail to: [email protected]
On Twitter: @tombergeron5
Coworking space to open in Camden
A new coworking space in Camden is drawing a lot of attention from the New Jersey businesses community before its opening day on March 1.
The Waterfront Labs, which is supporting the Camden revitalization movement, will provide office and event space to startups and businesses in and moving to Camden. The Class A space is located at the newly-renovated National State Bank Building. It plans to house over 50 businesses when it opens.
“We’re very excited to be a part of movement here at the Camden Waterfront,” said Melissa Le, office manager of Waterfront Lab. “There is a tremendous amount of opportunity here. We’re so thankful for our members and community partners for supporting us. I can see Camden raising to mirror or even rival the New York and Silicon Valley tech scene, in terms of development and producing great companies.”
Available memberships at the lab include private offices, community, virtual mailboxes, open and dedicated desks, and drop ins. The space also has a conference room, lounge area, kitchen, snacks and unlimited coffee. Members are typically startups, small business professionals, nonprofits, contractors, remote workers and freelancers from all industries.
Camden-based Waterfront Ventures, a nonprofit bringing new businesses and startups to Camden, is supporting the events and programs of Waterfront Lab. Waterfront Labs said it plans to consolidate community efforts in the area to attract people and businesses all over South Jersey and Philadelphia.
“Waterfront Lab is more than just a coworking space, it’s a community development center, a think tank, and a brave step forward,” said Khai Tran, CEO of Waterfront Ventures. “We, Waterfront Ventures, will be hosting programs and events at the Waterfront Lab, including our Lighthouse Mentorship and Entrepreneur 101 program.”
An opening ceremony is scheduled for 10 a.m. on April 3 at 121 Market St. in Camden.
American Water breaks ground for Camden HQ
American Water Works Co. Inc. has broken ground on its new headquarters on the Camden Waterfront, it announced recently.American Water Works Co. Inc. has broken ground on its new headquarters on the Camden Waterfront, it announced recently.
The company, the largest publicly traded U.S. water and wastewater utility, held a ceremony at One Water St. on Monday to mark the start of a project that will see the creation of a five-story, 220,000-square-foot facility that will house more than 600 employees. The building will consolidate American Water’s four South Jersey locations, including the current headquarters in Voorhees.
“American Water and our employees are excited about our new home on the Camden Waterfront,” CEO and President Susan Story said in a prepared statement. “We know this will be a place where we can become an even stronger presence in this great city; where we can attract and develop talent for today and the future; and where we can develop solutions to challenges for clean, safe, reliable and affordable water and water services for people across the country.”
American Water estimated the building would be completed in about 18 months.
The facility will be located between the Ben Franklin Bridge to Pennsylvania and the Adventure Aquarium, and will be environmentally friendly and feature panoramic views of the Philadelphia skyline, American Water said in a news release.
Story was joined at the ceremony by officials including U.S. Rep. Donald Norcross, Camden Mayor Dana Redd, New Jersey Economic Development Authority President and Chief Operating Officer Tim Lizura and Liberty Property Trust CEO and President William Hankowsky.
“The construction of One Water St. marks another great chapter in our city’s history,” Redd said in a statement. “I commend both Liberty Property Trust, along with American Water, for committing to Camden. This project also signifies a private investment of $1 billion in our city. That commitment extends to hiring Camden residents and sourcing services and materials from Camden-based companies. It will transform our waterfront and benefit our residents for many years to come.”
Liberty is overseeing the development of the project. Robert A.M. Stern Architects is serving as architect, with Gensler designing the interior.
“The significance of this moment is twofold,” Hankowsky said in a statement. “Today, we not only celebrate breaking ground on American Water’s new corporate headquarters, but also recognize this is the very first step in establishing the Camden Waterfront as a thriving and dynamic community.”
American Water said more than 150 people attended the event.
“American Water’s new headquarters will be more than just a building,” Norcross said in a statement. “It will stand as a symbol of Camden’s renewal. Today, we’re a step closer to realizing the vision of a revitalized Camden city with new jobs and opportunities for our entire community.”
Trump Taj Mahal is sold, will reopen as Hard Rock Hotel Casino
The closed Trump Taj Mahal will reopen as a hotel and a casino — and with new owners and a new name.Owner Carl Icahn announced Wednesday night that a group of investors, led by Hard Rock International, have agreed to buy the property. No sale price was announced.
The deal, which was first announced by The Press of Atlantic City, could bring 3,000 temporary and permanent jobs to the city.
The property will be known as Hard Rock Hotel & Casino Atlantic City.
Jim Allen, chairman of Hard Rock International, said the company will invest $300 million in the property.
“We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment,” he said in a statement Wednesday night. “We are 100 percent convinced Hard Rock Hotel and Casino Atlantic City will be a success.”
Hard Rock International is based in Orlando, Florida. Allen, however, has strong ties to the state. The Press reported Allen is a 1978 graduate of Mainland Regional High School in Linwood and that Allen still owns a home in Linwood.
Two other investors, the Jingoli and Morris families, also have strong ties to the state.
Joseph Jingoli is the construction manager for Stockton University’s Atlantic City campus.
Jack Morris is the CEO of Edgewood Properties, a real estate development company based in Piscataway.
Atlantic City Mayor Don Guardian said in a statement that the sale is a positive sign for the embattled city.
“We have over 160 years of investors who believe in Atlantic City, investors who continue to believe that our best days are still ahead,” Guardian said.
“Now is the time to invest in our great city. The price is right. We need to bring back thousands of jobs for our Atlantic City residents and for South Jersey. Today’s announcement is a great step in that direction.”
Icahn, who also owns Atlantic City’s Tropicana Casino and Resort, said in a statement that he only wanted to own one casino in Atlantic City.
“After considerable analysis and deliberation we determined that we only wanted to own one operating casino property in Atlantic City,” he said in a statement Wednesday night. “A sale of the Taj Mahal therefore represents the optimal outcome for us. We wish Hard Rock and its partners the best of luck with the Taj Mahal.”
Icahn, the well-known billionaire investor, had closed the casino last October after failing to come to an agreement with union workers. He said in January that he had lost $300 million on the property.
1st Constitution Bank Names SVP, commercial lending officer
1st Constitution Bank announced recently it has appointed Lisa Borghese as senior vice president and commercial lending officer.1st Constitution Bank announced recently it has appointed Lisa Borghese as senior vice president and commercial lending officer.
Borghese will report to John Andreacio, chief lending officer.
She will be responsible for developing and maintaining banking relationships throughout Middlesex, Monmouth and Ocean counties, as well as five boroughs in New York.
“We’re delighted that Lisa has joined our dedicated team of professionals and look forward to her developing our commercial client base in the markets we serve,” Robert F. Mangano, CEO and president, 1st Constitution Bank, said in a statement.
Borghese has more than 25 years of experience in the banking industry and will maintain her office at the bank’s regional headquarters in Rumson.
1st Constitution Bank, a subsidiary of 1st Constitution Bancorp, operates 19 branches and four residential mortgage loan production offices throughout New Jersey.
Continuum taps 2 new hires for business and market development
Continuum Health Alliance, a physician enablement company based in Marlton, announced Tuesday it has hired two new executives to develop its business services and market needs.Continuum Health Alliance, a physician enablement company based in Marlton, announced Tuesday it has hired two new executives to develop its business services and market needs.
Richard Larison has been named executive vice president of market development and Rich Walsh has been named vice president of business development and channels.
Larison will be responsible for managing and growing the New Jersey and Federally Qualified Health Center markets. He will also serve as the CEO of Partners Health Alliance, a new clinically integrated network in New Jersey.
Walsh will be responsible for executing Continuum’s branding efforts and market outreach.
“As the health care industry evolves, we need to be increasingly effective in how we identify and serve the needs of our markets,” Don McDaniel, Continuum CEO, said. “Both Richard Larison and Rich Walsh are experts at keeping their fingers on the pulse of industry trends, identifying pain points, and envisioning solutions. I know they will be assets as we continue to innovate how we serve our clients’ needs, and enable them to accelerate success in an increasingly value-based healthcare market.”
Prior to Continuum, Larison was CEO of Chase Brexton Health Care. Before that, he was CEO for Johns Hopkins Medicine International in Panama. He also served as CEO for American Hospital Dubai, managing director for Apollo Hospital Enterprise Ltd in New Delhi and CEO for Apollo Hospital Dhaka.
Before joining Continuum, Walsh was vice president of business development and Philips Wellcentive. Before that, he led strategic initiatives at Greenway Health.
Update N.J.’s municipalities with the highest average property taxes
The website NJ.com conducted a study that found the average property tax levy in New Jersey was $8,549. But in some municipalities, the average bill could be double or even triple that amount.(Editor’s note: This report was updated at 4:25 p.m. with comments from Tavistock borough.)
The website NJ.com conducted a study that found the average property tax levy in New Jersey was $8,549. But in some municipalities, the average bill could be double or even triple that amount.
The five municipalities in the study that had the highest average bills each came close to, or exceeded, $20,000 per year, the unit of NJ Advance Media said.
Coming in at No. 1 was the borough of Tavistock in Camden County. Although the borough had a total tax levy of merely $310,668 in total, its population was only five in the 2010 census. That meant the average property tax came in at a whopping $31,128 in 2016.
However, Tavistock officials told NJBIZ in an email that the borough population has risen to 10 in the intervening years.
“The tax records include three homes and the Tavistock Country Club, with assessed values from $1.375 million to $12 million,” borough officials said.
They added that the tax rate is within the 2 percent levy cap requirements.
The rest of the Top 5 highest average tax levies:
- Millburn, Essex County, $23,327 average;
- Loch Arbour, Monmouth County, $22,323 average;
- Alpine, Bergen County, $20,910 average;
- Tenafly, Bergen County, $19,866 average.
To read the entire report, which featured the Top 30 average tax bills, click here.
South Jersey yacht dealership sold
A yacht dealership serving the southern part of New Jersey has been sold, it announced recently.A news release from South Jersey Yacht Sales said George C. Robinson III has acquired the dealer of Viking Yachts, Jupiter Marine, Albemarle and Yellowfin yachts from Dick Weber. Weber had owned the business, with locations in Cape May and Point Pleasant, since 1984.
Robinson said he plans to keep the current name and management team, and Weber said Robinson’s commitment to the company’s traditions was part of the reason he was chosen as the buyer.
“The love that my family and I have of sportfishing and traveling from Nantucket to the Exumas and points in-between by boat has led us here today,” Robinson said in a prepared statement. “I believe that, with a combination of my family’s boating and fishing experiences and the experienced business team at your disposal at South Jersey Yacht Sales, the purchase of your next boat will be a most positive and memorable experience. The South Jersey Yacht Sales team looks forward to being of service.”
Robinson said he anticipates positive year-over-year growth for high-quality sportfishing boats in the region, which is surrounded by three major cities.
Latest rankings have some good news #8212 yes, good news #8212 for business travelers out of Newark
Business travelers learned long ago that Newark Liberty International Airport is not the best for on-time arrivals and takeoffs. In fact, it’s one of the worst. Back to that in a minute. But a report out this week offers good news for its main airline.United was ranked the second-best domestic airline by The Points Guy, a site that specializes in rating air travel.
The rankings were based on 10 categories related to price (airfare, baggage/change fees), convenience (route network, on-time arrivals, cabin comfort), headaches (customer satisfaction, lost baggage, involuntary bumps) and extras (frequent flier program, lounges).
Airfare (25 percent) and route network (15 percent) were the two biggest categories.
According to the site: “United coming in second may surprise some people, especially since the carrier didn’t win outright in any particular area. However, it performed solidly in a number of our criteria, including route network, cabin comfort, baggage and change fees and lounges, and didn’t finish worse than middle of the pack on any measure (though it could use some improvement in customer satisfaction). Put it all together, and United wins the silver this year.”
It’s not all good news for Jersey travelers. For those who like the low-cost option of Trenton and Frontier Airlines, the Points Guy feels you get what you pay for.
Frontier ranked 9th on the list of 10 carriers, just ahead of Spirit. And if you’re wondering, Alaska Airlines ranked No. 1, despite having a limited route network.
About those on-time arrivals and departures, though…
In another survey, this time by the Global Gateway Alliance, the region’s major airports all ranked in the bottom 12 for on-time arrivals in 2016.
The study of the nation’s 29 largest airports found that:
- La Guardia ranked 29th, with 71.9 percent of flights arriving on time; the airport also ranked No. 29 for 2015;
- Newark ranked 27th, with 74.5 percent of arrivals on time; that was a one-spot improvement from its No. 28 rank in 2015;
- John F. Kennedy International ranked 25th, with 76.8 percent of arrivals on time; it also moved up, ranking 27th in 2015;
- Philadelphia fared the best of airports serving New Jersey, ranking 17th, with 80.8 percent of arrivals on time; it posted the biggest gain, as well, ranking 21st in 2015.
The news was equally bad, if not worse, in terms of on-time departures, with all four airports slipping in the rankings from 2015:
- Newark ranked 29th, with 75.6 percent of flights departing on time; it ranked 27th in 2015;
- La Guardia ranked 26th, with 77.2 percent of departures on time; it ranked 26th in 2015;
- Kennedy ranked 22nd, with 77.7 percent of departures on time; it ranked 21st in 2015;
- Philadelphia ranked 14th, the best in the region, with 82.3 percent of departures on time; even that was down, however, as it ranked 13th in 2015.
“Once again, New York airports lead the nation for delays,” alliance Chairman Joe Sitt said in a prepared statement. “So, while the terminal redevelopment projects are important, these dollars won’t be enough unless we address the delay problem, too. Put simply, our airports will just be nicer places to get stuck in.”
Pulmonary practice joins Inspira Medical Group
Inspira Medical Group, part of South Jersey’s Inspira Health Network, announced Monday that Penn Jersey Pulmonary Associates has joined the group at a new location in Woodbury.Inspira Medical Group, part of South Jersey’s Inspira Health Network, announced Monday that Penn Jersey Pulmonary Associates has joined the group at a new location in Woodbury.
Penn Jersey, a Gloucester County-based physician practice, includes specialists who provide full-service critical care, sleep medicine and pulmonary care for the treatment of lung disorders, Inspira said.
The doctors in the practice include:
- Dr. Gregory Breen, certified in pulmonary, critical care and sleep medicine, who is associate medical director of sleep medicine at Inspira Medical Center Woodbury;
- Dr. Ho-Kan Cheng, certified in internal medicine, pulmonary disease, critical care and sleep medicine;
- Dr. Eric V. Finkenstadt, certified in internal medicine, pulmonary disease, critical care, hospice and palliative care;
- Dr. Scott B. Rosenberg, certified in internal medicine, pulmonary disease and critical care.
Inspira Medical Group operates more than 35 locations across South Jersey. Pulmonary care is based at Inspira Medical Group Pulmonary Associates, Woodbury.