14A — December 2024 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Projects supported through the Local Property Acquisition Grant Program NJEDA Board approves $17 Million for 12 revitalization projects across New Jersey
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of up to $544,663 to acquire the 5,000 s/f vacant former Peoples Bank and Trust Company/First Bank of Hammonton building located at 15 Central Ave. The project will be either a restau- rant, retail, or entertainment space which will be determined following the Town’s Request for Proposals process. 9.) Ideal Education: A NJ Nonprofit Corporation will receive a grant award of up to $703,000 to acquire a vacant 20,000 s/f building located at 7 South Carolina Ave. in Atlantic City. The project will be a community co-op food market and aquaponics farm- ing facility. This project will be strategically located in the heart of Atlantic City and will help address local food security gaps and promote community revitalization efforts in the area. Atlantic City is both a Government Restricted Mu- nicipality and a Transitional Aid community and is thus eligible for up to 100 percent of appraised property value costs. 10.) The Institute of Music for Children will receive a grant award of up to $257,730 to acquire a vacant property lo- cated at 747 Westminster Ave. in Hillside. The project will be part of an expansion of their existing campus in Elizabeth. 11.) Paterson Habitat for Humanity, Inc. will receive a grant award of up to $988,500 to acquire a vacant property (approximately .22 acres) lo - cated at 26-32 Spring St. The project will be a mixed-use
new construction project of 16 affordable housing units and child-care space. This project will support city efforts to provide for child-care oppor- tunities, the revitalization of vacant property, quality af - fordable housing units, and job creation. 12.) The City of Trenton will receive a grant award of up to $4 million to acquire a va- cant property located at 1 West Lafayette St. The project will be a mixed-use development with hotel, residential, and commercial uses. Trenton is both a Government Restricted Municipality and a Transition- al Aid community and is thus eligible for up to 100 percent of appraised property value costs. About the NJEDA The New Jersey Econom - ic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable eco- nomic development by focusing on key strategies to help build strong and dynamic communi- ties, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through part- nerships with a diverse range of stakeholders, the NJEDA creates and implements initia- tives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. MAREJ
ity, or collection of properties. Through this funding, award - ees may develop or redevelop sites with the intention of sup- porting local or regional eco- nomic development priorities. Program funding will sup- port either acquisitions for strategic public use projects, including public plazas, parks, and walkways, or acquisitions for future development proj- ects, including commercial or mixed-use developments and research or laboratory spaces. The following projects were approved to receive funding through the Local Property Acquisition Grant Program: 1.) The Township of Vero- na will receive up to $1 million to acquire a vacant property located at 46 Lakeside Ave. to create a public parking lot. 2.) The Town of Westfield will receive up to $660,050 to acquire a vacant property lo- cated at 200 South Ave. West to create a pedestrian plaza/ pocket park. 3.) The Camden Reperto- ry Theater Community De- velopment Group will receive a grant award up to $483,400 to acquire a vacant building at 918 Broadway. The project will be a mixed-use project with performing and exhibition spaces, training and workshop facilities, office space, and five units of affordable housing. 4.) The Carteret Rede- velopment Authority will receive a grant award of up to $1,547,500 to acquire vacant property located at 1179 &
1235-1239 Roosevelt Ave. The project will be a mixed-use development with commercial space and over 200 residential units, including at least 20 percent affordable units. 5.) Chicken Bone Beach Historical Foundation Inc. will receive a grant award of up to $1,824,569 to acquire a vacant property located at 14 N. Mississippi Ave. in the Ducktown neighborhood in Atlantic City. The project will be a cultural arts center retain- ing the 200+ seat theater and converting the upper floors for additional classrooms and teaching areas for music and choir lessons, hosting educa - tional programs and art exhib- its, and offering concerts and performances. 6.) The Town of Clinton will receive a grant award of up to $2,409,108 to acquire a vacant property located at 19 West Main St. The project will be a commercial development. 7.) Greater Bergen Com- munity Action, Inc. will receive a grant award of up to $2,601,155 to acquire a vacant 24,000 s/f, 3-story building lo - cated at 106 Somerset St. The project will be a mixed-use, multi-purpose building with office space, training rooms, community service programs such as Head Start and Adult Education and Training, as well as a credit union branch and a possible coffee shop for commuters. 8.) The Town of Hammon- ton will receive a grant award
TLANTIC CITY, NJ — The New Jer- sey Economic De-
velopment Authority (NJEDA) Board ap- proved over $17 million in funding for the Lo- cal Property Acquisition
Tim Sullivan
Grant Program. The funding will support 12 real estate development projects through- out NJ. “Since taking office, Gover - nor Murphy has been dedi- cated to boosting the economic prospects of New Jersey’s communities, creating jobs for local residents, and generating vital tax revenue for munici- palities,” said NJEDA chief executive officer Tim Sulli- van . “The projects supported through the Local Property Acquisition Grant Program will help advance local eco- nomic development initia- tives throughout the state by transforming unused real estate into vibrant commercial spaces and community hubs.” First approved in 2023, the Local Property Acquisition Grant Program is a competi- tive grant program that will provide funding to munici- palities, municipal entities, counties, county entities, and/ or not-for-profit local economic and community development entities for the acquisition of a vacant site, building, facil - HOBOKEN, NJ — Ad- vance Realty Investors , a developer of urban communi- ties throughout New Jersey, recently broke ground on a new boutique rental building in Hoboken, NJ, highlighting the lifestyle renaissance cur- rently underway in the city’s North End. Rising on the site formerly occupied by Hertz Rental Car, which closed in 2022, the mixed-use building will introduce 52 luxury residences and 6,800 s/f of ground-level retail space at 1404 Willow Ave. The project includes five apartments designated as affordable housing and is a key component of Hoboken’s North End Redevelopment
Advance Realty Investors breaks ground on boutique rentals at 1404 Willow Ave. in Hoboken, New Jersey
Heights and Union City, the site is adjacent to Advance Realty’s acclaimed Harlow, a 140-home luxury rental development that played a pivotal role in redefining the North End with the arrival of Trader Joe’s and Wine Dad’s in 2017—one of the first major indicators of the neighborhood’s revitalization. Advance marked the ground- breaking with a ceremony at- tended by Hoboken Mayor Ravi Bhalla , local officials, and business leaders. The project is scheduled for com- pletion in the third quarter of 2026. 1404 Willow Avenue in the North End of historic Hoboken, NJ
Plan, aimed at transform - ing the area into a dynamic lifestyle destination featuring modern homes, retail, parks, and amenities. Positioned at the intersection of 14th St. and Willow Ave., near the 14th St. Viaduct con- necting Hoboken to Jersey City
“We’re excited to break ground on 1404 Willow Avenue and convert this underutilized property into a modern building that will significantly enhance the area’s ongoing transforma- tion,” said Dan Cocoziello , principal and COO of Advance Realty Investors. MAREJ
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