The Camden County Improvement Authority purchased a development site in Camden for $4.7 million. The acquisition advances plans for the proposed Beacon Building project.

The property at 540-552 Federal Street was purchased from the Parking Authority of Camden City. The site currently operates as a surface parking lot between Federal Street and Martin Luther King Jr. Boulevard.

Developers plan a 25-story, 500,000-square-foot office tower at the location. Notably, the Beacon Building would become the largest office building in South Jersey.

However, construction remains several years away. First, the property will operate as a temporary transportation center.

The temporary facility will support two dozen bus lines. Meanwhile, the nearby Walter Rand Transportation Center will undergo a $250 million redevelopment.

Camden County expects construction on the transit hub renovation to begin later this year. Officials recently issued a request for proposals for an owner’s representative.

Funding for the transportation center project is already in place through the state. Once the project finishes, development of the Beacon Building could move forward.

County officials remain optimistic about the timeline. Early planning work has continued since the project was announced in January 2025.