The board of the N.J. Economic Development Authority recently approved $10 million in grant funding under the Real Estate Gap Financing Program to support the development of five real estate projects.
The program provides gap financing for impactful real estate development projects located in select municipalities that address the negative economic impacts of the COVID-19 pandemic.
Approved by the EDA board in July 2024, the Real Estate Gap Financing Program provides grants covering up to 50 percent of total eligible project costs, with a minimum grant funding award of $500,000 and a maximum award of $5 million per project. Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects, cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.
EDA CEO Tim Sullivan was thrilled to make the announcement.
“Under Gov. Murphy’s leadership, New Jersey has prioritized fostering a sustainable economic recovery by ensuring that federal COVID-19 recovery resources have a lasting impact by helping communities revitalize underutilized spaces, expand affordable housing, and support small businesses,” he said.
“The projects approved under the Real Estate Gap Financing Program will strengthen local economies, expand opportunities for residents, and help create vibrant downtowns and main streets across the state.”
The following projects were approved to receive funding:
500 High Street LLC – Perth Amboy: $2,791,515
The project, located at 500 High Street, involves the substantial rehabilitation and new construction of a long-vacant, deteriorated concrete shell structure into a 6-story mixed-use development. The project will include 23 residential units, five of which will be designated as affordable housing, along with a 1,100 square foot commercial space on the ground floor.
Parkway Eye Care Center, LLC – East Orange: $2,748,485
The proposed project, located at 21 North Park Street, involves new construction of a mixed-use development featuring 15 residential units, including three affordable units, along with a commercial component that will serve as a new home for Parkway Eye Care Center. The project is led by a certified small, minority, and woman-owned business and is intended to stabilize the practice’s long-term presence in the community.
500 Blvd Urban Renewal LLC – Lakewood: $2 million
The project, located at 500 Avenue of the Americas, will include the construction of a two-story commercial building totaling 15,698 square feet, featuring a restaurant on the first floor and conference space on the second floor.
Greater Bergen Community Action – Garfield: $1,300,000
The project, located at 106 Somerset Street, involves the substantial rehabilitation of a 24,000-square-foot, three-story office and retail building, transforming the property into a mixed-use facility anchored by a small business assistance center supporting women-, minority-, and veteran-owned enterprises — especially in the renewable energy and construction sectors. The site will also include a branch of GBCA’s 1st Bergen Federal Credit Union, a commuter-focused concession, and access to GBCA’s full range of community services.
The Institute of Music for Children – Elizabeth: $1,160,000
The project, located at 780 Salem Avenue, involves substantial interior improvements to transform an underutilized space into a vibrant, high-quality facility for arts education, job creation, and community revitalization. The renovations aim to expand programming for youth, increase employment for teaching artists, and strengthen social and emotional health in response to COVID-19’s long-term impact on children and artists
