A controversial plan to build a massive mixed-use project on 800 acres of reclaimed landfills in the Meadowlands took another turn earlier this week when a US Bankruptcy Court judge dismissed a Chapter 11 reorganization motion filed by EnCap Golf Holdings, a published report in The Record newspaper stated. Without bankruptcy protection, EnCap, a subsidiary of Raleigh, NC-based Cherokee Investment Partners, could face a number of drawn-out lawsuits from 200 unsecured creditors, according to the article. See Full Article here:
I for one am glad to see these development projects go down in flames. NJ is a state that needs to reorient itself on its neglected Urban cores. Instead of seeing areas like Camden, Trenton, Paterson, and Newark as cost centers pols and citizens need to see them for their potential. These cities did not crop up to serve drug dealers, violent criminals and welfare recipients. They were created by industrious people who needed their access to waterways, rail lines, and natural resources to do business. The features that made these cities significant a century ago are still there and are still relevant and will fuel their resurgence.
Instead of working with developers to reclaim meadowlands, farm lands or other undeveloped areas state and muni gov’ts should be working to make our cities revenue centers once again.