Showing how much impact the state’s Urban Investment Fund can have, the state announced funding for two projects Friday on South Broad Street corridor in Trenton.
The N.J. Economic Development Authority announced it is making a $7 million award to support two building rehabilitation projects, supporting revitalization efforts and promoting increased foot traffic along a key commercial corridor.
Half of the award – $3.5 million – will be used to rehabilitate the building, preserving a critical part of the city’s history while establishing an economic engine along South Broad Street for creative uses.
The city will use the other half of the award in partnership with the Mercer County Improvement Authority to renovate the Eagle Tavern. The project will remediate the commercial kitchen, improve access between the first and lower floors, and upgrade the HVAC system, among other changes, returning the historic building to commercial use.
EDA CEO Tim Sullivan was thrilled to make the announcement.
“Under Gov. Murphy’s leadership, the NJEDA continues to catalyze economic growth in communities most impacted by the pandemic through strategic investments that create jobs, support small businesses, and uplift our downtowns and main streets,” he said. “The funding awarded to Trenton through the Urban Investment Fund will support efforts to revitalize the city’s South Broad Street corridor, increasing foot traffic and fostering long-term economic growth.”
MCIA Executive Director Anthony Verrelli also was thrilled.
“Since its inception, the MCIA has had a storied history of being a successful redevelopment partner throughout Mercer County,” he said. “From the Mercer County Courthouse, The Cure Arena, to most recently the Hamilton Municipal Complex, the projects we’ve supported are known to be both transformative and vital to both the communities they’re located in and Mercer County as a whole. I’m proud to see the project follow that legacy and I look forward to its completion.”
Through the UIF Grant Program, the EDA provides grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the pandemic by helping cities enhance vitality. Projects supported by the program can include building rehabilitation projects, building reuse studies, and public space use investments in key commercial corridors.
Funding for this program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.
“This $7 million investment is not just about bricks and mortar; it is a declaration that Trenton’s future matters. The city has faced decades of economic hardship, compounded by the effects of the pandemic, yet its communities have remained resilient,” State Sen. Shirley Turner (D, Ewing Township) said.
“These rehabilitation projects represent a bold step forward in restoring pride, purpose, and prosperity to South Broad Street. They honor Trenton’s history while laying the foundation for inclusive growth and lasting opportunity. Trenton deserves nothing less than full revitalization, and this investment is a powerful step toward that promise.”
Assemblywoman Verlina Reynolds-Jackson (D, Trenton) agreed.
“By embarking on these revitalization projects, the state is showing its commitment to ensuring that Trenton’s North Ward continues to grow and thrive,” she said. “Our cities prosper with new investments, and I’m looking forward to seeing the South Broad Street business community expand.”
