"What a great day this is for the USS New Jersey!" said Tom Riley, chair of the Battleship New Jersey Museum and Memorial.
State officials said the investment marks a major milestone for the vessel, which was launched in 1942 and now operates as a museum and memorial.
"This investment today in this battleship stands as the single largest investment at any time in the history since the state has taken on this role," said Assemblyman Louis Greenwald.
The funding will support several projects at the site.
Six million dollars will be used for improvements aboard the ship, while $5.5 million will fund construction of a parking structure. Another $9.5 million will go toward building a visitor center on the land side of the property.
The ship remains a significant destination for visitors interested in military and presidential history.
"This is the captain's cabin," said curator Ryan Szimanski as he gave a tour of the historic ship. "President Ronald Regan was in here. We had the entertainer Bob Hope on a couple of times."
Battleship New Jersey Museum & Memorial CEO Marshall Spevak spoke to the significance of the aware, $19.8 million of which comes from tax credits awarded through the New Jersey Economic Development Authority's Cultural Arts Facilities Expansion program.
"This award is transformational," Spevak said.
More than two million people have visited the Battleship New Jersey since the museum and memorial opened in 2001.
Officials noted that securing the ship's permanent location in Camden was a challenge. Greenwald recalled competing efforts to bring the vessel elsewhere.
"Our friends on the northern part of this state wanted this on the New York border," Greenwald said.
He said bringing the battleship to Camden was important because of its ties to the region.
"The people who worked to build this battleship across the river came from Camden and South Jersey," Greenwald said.
Local leaders compared the ship's history, including periods of disrepair, to Camden's own efforts at revitalization.
"Camden city is on the verge of revitalization and greatness," said Camden County Commissioner Jeff Nash.
Officials said the upgrades are expected to help the battleship attract more visitors, expand educational opportunities and generate additional revenue.
Camden Mayor Victor Carstarphen praised the investment in the vessel.
"This battleship is our treasure; and, our treasure, she deserves this," Carstarphen said.
Construction is expected to begin in mid-2027 and be completed in 2029.