Despite previous failures to transform the Camden Waterfront, in September 2015 Liberty Property Trust and Mayor Dana Redd announced an $830 million plan to rehabilitate the Waterfront. The project, which is the biggest private investment in the city's history, aims to redevelop of land south of the Ben Franklin Bridge and includes plans for 1.5 million square feet of commercial space, 211 residences, a 130-room hotel, more than 4,000 parking spaces, a downtown shuttle bus, a new ferry stop, a riverfront park, and two new roads. The project is a modification of a previous $1 billion proposal by Liberty Property Trust, which would have redeveloped and would have included of commercial space, 1,600 homes, and a 140-room hotel. On March 11, 2016, the New Jersey Economic Development Authority approved the modified plans and officials like Timothy J. Lizura of the NJEDA expressed their enthusiasm: "It's definitely a new day in Camden. For 20 years, we've tried to redevelop that city, and we finally have the traction between a very competent mayor's office, the county police force, all the educational reforms going on, and now the corporate interest. It really is the right ingredient for changing a paradigm which has been a wreck."