Pennsauken redevelopment plan in jeopardy

PENNSAUKEN, N.J. (AP) - March 10, 2008

Pennsauken township solicitor David Luthman says the developer Cherokee Investment Partners may leave the city's riverfront.

As part of a 2004 plan with a $1 billion price tag, the company was to create a golf course, 2,600 units of housing and retail space. It's already relinquished its rights to develop Petty's Island and one commercial area in Pennsauken.

The company has already given up on a $1 billion project in nearby Camden.

Now, Luthman said, the company is rethinking all its New Jersey projects after a harsh report last month from the state Inspector General's Office found severe problems in Cherokee subsidiary Encap Golf Holdings' work to build golf courses in the Meadwolands.

Cherkoee is based on Raleigh, N.C.

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