The New Jersey Economic Development Authority approved three $33 million Urban Transit Hub Tax credits to support a trio of “significant mixed-use development projects” in New Brunswick and Jersey City, which are expected to stimulate more than $625 million of private investment.
Gov. Chris Christie said the tax credit program is part of his administration’s commitment to sustainable economic growth in the state’s urban centers. The three recipients, College Avenue Redevelopment Associates, Beacon Redevelopment and Journal Square Associates, have been approved to receive $33 million in tax credits over ten years once goals are met.
It is estimated the three planned development projects will create an estimated 1.5 million square feet of residential space, nearly 48,000 square feet of commercial space, approximately 163,000 square feet of academic space, and 1,660 new parking spaces in the two cities. In total, the projects will generate an estimated 1,600 construction jobs and 70 new permanent positions.
College Avenue Redevelopment Associates is a public-private partnership advancing a $297.7 million mixed-use development in New Brunswick, New Jersey. Led by the New Brunswick Development Corporation, the project will include new residential and amenity space for the Rutgers University Honors College, as well as a new academic building on the former Seminary site; ground floor retail space; a structured parking facility for Rutgers faculty and staff members; and, a public plaza that will provide a host of outdoor amenities.
Beacon Redevelopment involves the transformation of two dilapidated and long vacant buildings on the campus of the former Jersey City Medical Center into new rental apartments and commercial space. The $124.8 million project represents phase two of “The Beacon”, which is considered the largest historic redevelopment project in New Jersey. The multi-phase project, being developed by BR, will include 1.5 million square feet at full build out.
Also in Jersey City, New Jersey, Journal Square Associates is undertaking a three phase development that will include residential units, retail, parking spaces and the possibility of a 600,000-square-foot office tower. The tax credits will support the first phase, a $202.6 million project boasting a residential tower with 540 rental units, 180 parking spaces and 3,160 square feet of retail.
“The award-winning Urban Transit Hub Tax Credit Program has helped to advance transformational projects that are stimulating economic activity and community revitalization,” said Economic Development Authority Chief Executive Officer Michele Brown. “These three projects scored the highest under the competitive solicitation due to the significant economic and social benefits they will deliver.”