Liberty Property Trust has finished assembling land and acquiring development rights for its Camden Waterfront project and plans to immediately begin building at the site.

The first phase of the sprawling $1-billion project includes the construction of One Water Street, a five-story, 222,376-square-foot office project that will serve as the corporate headquarters of American Water when complete in late 2018, Liberty said in a release on Monday.

Work will also begin on an 806-car parking garage, as well as on infrastructure to support the overall development of the larger mixed-use neighborhood planned at the site, according to the release.

Construction is beginning after a 15-month period during which Liberty received approvals from, and negotiated agreements with, the New Jersey Economic Development Authority, Camden County, and other state and local entities, the company said. 

Liberty has also reached an agreement with Dranoff Properties, which owns a property near the site that will lose an unimpeded view of the Delaware River due to the Camden Waterfront development, Liberty said.