Under the terms of the agreement announced last week, Devco will build and manage the facility, which would actually be owned by Keating Partners, a Philadelphia-based investment, development and management firm. Keating and Devco have already teamed up on a few other redevelopment projects in this city's downtown area. Rutgers will provide security and related services for the residents.
Also as part of the agreement, the revenues generated by rents would go to Devco. Officials estimate that the total of such revenues could approach the $5 million mark with three years of the project's completion. No cost of construction has been released.
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