Real Estate Journal — New Jersey — September 11 - 24, 2015 — 13B
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N ew J ersey
At Commercialization Center for Innovative Technology EDA boardmeeting highlights technology & life sciences
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RENTON, NJ — Con- tinuing the state’s com- mitment to supporting the growth of the technology and life sciences industries, which are targeted for growth under the Economic Opportu- nity Act (EOA), the board of the New Jersey Economic Development Authority (EDA) took action to approve Grow New Jersey (Grow NJ) tax credits for two Middlesex County projects. The Board approved Grow NJ tax credits for up to $3.2 million over 10 years for Is- rael-based Macrocure, Inc. The award will encourage the company, which is developing a platform to address chronic and hard-to-heal wounds, to establish its North American headquarters at the EDA’s Technology Centre of New Jer- sey in North Brunswick, rather than Philadelphia. The project would bring with it 48 new jobs and over $6 million in private investment. At last month’s Board meeting, a 10-year, three- month lease for space at the Technology Centre was approved for Macrocure, contingent upon the Board’s approval of the company’s Grow NJ application. “Life sciences is an industry targeted for growth in the State,” said EDA chief ex- ecutive officer Melissa Orsen . “This project illustrates how resources offered by the State, including changes to the Grow NJ program and the availabil- ity of affordable office and lab space, are helping start-ups increase their viability.” Specifically, the EOA re- duced the threshold to qualify for Grow New Jersey tax cred- its from 100 full-time jobs to as low as 10 full-time jobs for tech- nology start-ups and 25 new jobs in other targeted indus- tries. Since the EOA came into effect in September of 2013, ap- proximately 30 percent of tax credits approved under Grow NJ support technology and life sciences companies. Also at August’s meeting, technology start-up Polaris Solutions, LLC, which pro- vides compliance solutions for global pharmaceutical, medical device and life sciences companies, was approved for up to $1.9 million in Grow NJ tax credits over six years. The company is deciding whether to relocate to New Brunswick or expand at an existing New York City office. The project is T
associated with 35 new jobs. The EDA Board meeting took place at the Commercial- ization Center for Innovative Technology (CCIT), a technol- ogy and life sciences incubator located on the campus of the Technology Centre. The Tech- nology Centre campus offers young, growing firms, as well as large established companies, customizable laboratory and production facilities at below- market rent. As incubators like CCIT are critical to the viability of start-up companies, the board also approved rules that will
allow the Grow NJ program to support incubator facilities. The new parameters will allow an organization acting as an incubator to apply on behalf of a business that meets the requirements of the program, or a group of non-qualifying businesses or positions located at a qualified business facility. EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36West State St. in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www. njeda.com. n
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