The suit was one of South Jersey's most hotly contested legal battles, pitting one of the region's biggest names in real estate development against George Norcross and his allies.
The City of Camden announced a settlement Friday that would end its five-year legal battle with Philadelphia developer Carl Dranoff over tax payments on luxury apartments he developed two decades ago at a once blighted property on the city’s waterfront.Camden Mayor Victor Carstarphen celebrated the news, contending it will provide the city more than $7.75 million in monetary and property assets.
And by Friday afternoon, Norcross had decided to enter the fray himself. He blasted out Carstarphen’s statement to his public email list under the all-caps headline “FRAUD EXPOSED!!!” and later issued a statement of his own. , as well as a neighboring parking lot his company owned — though both sides disagreed Friday on the value of those assets.
Norcross is executive chairman of insurance brokerage Conner Strong & Buckelew, and chairman of the board of trustees at Cooper Health System, both based in Camden, and a longtime player in Democratic politics. A Camden native, he’s been widely credited with efforts to spark a private investment-fueled turnaround in the city but whose efforts have repeatedly drawn scrutiny from state government officials and law enforcement.
Under the 2002 agreement, Dranoff was exempt from paying property taxes on the Victor apartments over a period of years. In exchange, he had to pay an annual fee of $200,000 — plus any “excess net profits” realized from the project.
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