Considered a focal point for this city's waterfront redevelopment, the 341-unit luxury residential project "will become a magnet for continued redevelopment of Camden," says T. Joseph Semrod, chairman of Fleet's New Jersey and Pennsylvania region. "Our participation in this project solidifies our commitment to Camden."

Although work is already under way on the conversion project, the developer conducted its official groundbreaking ceremony here yesterday afternoon. Fleet's financial package, joined by United Bank of Philadelphia, the Community Preservation Corp. (the New York-based organization has its New Jersey offices in Jersey City) and Wilmington Trust of Pennsylvania, is said to be the largest private financing on a residential development in Camden.

Fleet has, in fact, become a key financial player in this troubled South Jersey city's redevelopment process, beginning a year ago with a $750,000 grant to Camden's Community Renaissance Initiative. That money went toward redevelopment planning in the city's Cooper's Ferry and Cramer Hill neighborhoods, and Fleet has also invested in several residential development projects in the city.