A new chapter in New Jersey’s urban renewal story is being written in two of its most dynamic cities. Just a year after its inception, the New Jersey Economic Development Authority’s (NJEDA) Aspire Program is proving to be a powerful catalyst for change, with recent tax credit awards for two projects poised to inject over $143 million in development into Jersey City and Atlantic City. This investment is not just about buildings; it’s about a commitment to creating sustainable, livable, and equitable communities for all residents.
The two projects, a gleaming new residential tower in Jersey City and the comprehensive rehabilitation of an existing complex in Atlantic City, will collectively create or preserve 537 housing units, with a crucial emphasis on affordability. Of those, 267 will be designated as affordable residences, a testament to the program’s core mission of expanding access to quality housing across the state.
NJEDA Chief Executive Officer Tim Sullivan highlighted the broader vision behind the initiative.
“Under Governor Phil Murphy’s leadership, New Jersey continues to make meaningful investments into projects that revitalize downtowns and main streets, expand access to affordable housing, and support long-term economic growth,” Sullivan said. “The latest approvals under the Aspire Program will create hundreds of affordable housing units, building stronger, more resilient communities that will benefit New Jersey residents for decades to come.”
In Jersey City, the vibrant Journal Square neighborhood is set to welcome a transformative new development at 701 Newark Avenue. This ambitious project will rise 34 stories, featuring 360 residential units, 90 of which will be affordable. Beyond the housing, the development will include nearly 3,000 square feet of ground-floor retail space, promising to add new energy to the streetscape. A key feature of the project is the creation of a new pedestrian walkway, Homestead Place, which will improve connectivity for residents to essential neighborhood services, including the Hudson Pride Center, health care facilities, and the local library. The location’s proximity to the Journal Square PATH Station and multiple bus routes makes it a perfect example of the transit-oriented development the Aspire Program champions.
Jersey City Mayor Steven Fulop expressed strong support for the project, noting its alignment with the city’s long-standing revitalization efforts.
“The NJEDA’s support for 701 Newark Avenue builds on that progress, bringing 90 new affordable homes and vital community connections to the heart of Journal Square,” he said.
The project was approved for an award of up to $89.96 million.
Meanwhile, on New Jersey’s southern coast, the Aspire Program is addressing a different, but equally important, housing need. In Atlantic City, the Garden Court Apartments will undergo a significant rehabilitation to preserve all 177 of its existing rental units as fully affordable for low- and moderate-income tenants. This project, located at 1425 McKinley Avenue, is a powerful statement on the importance of maintaining existing affordable housing stock. In a unique partnership, Gateway Community Action Partnerships, a co-applicant on the project, will provide on-site services to residents, including education, employment opportunities, and financial literacy, with the goal of fostering self-sufficiency.
Atlantic City Mayor Marty Small, Sr., praised the forward-looking investment.
“We often talk about improving the housing stock in the great City of Atlantic City, and this project further demonstrates that we say what we mean and mean what we say,” Small said. “I want to give many kudos to Governor Murphy and the NJEDA for making sure this project happens. It is truly a great day here in the City of Atlantic City.”
The project was approved for an award of up to $53.3 million.
Both the Jersey City and Atlantic City projects underscore the flexible, performance-based nature of the Aspire Program. Designed to fill financing gaps for catalytic developments, the program requires all residential projects to include at least 20 percent affordable housing. They must also certify that all commitments—from unit counts to community benefits—have been met before any tax credits are disbursed. By targeting transit-rich areas and focusing on both new construction and preservation, the Aspire Program is helping to ensure that the Garden State’s growth benefits every one of its residents.
