The New Jersey Economic Development Authority (NJEDA) Board has approved five redevelopment projects for tax credit awards under the Aspire Program and the Historic Property Reinvestment Program (HPRP). These projects, located in Essex, Mercer, and Middlesex counties, are set to create more than 1,146 new housing units, with 544 designated as affordable.
The approvals, which total over $500 million in tax credits, align with Gov. Phil Murphy’s mission to revitalize communities and expand housing options. “These are meaningful investments that will build stronger communities and families for years to come,” NJEDA Chief Executive Officer Tim Sullivan said.
Historic property revitalization in Newark
Two of the approved projects in Newark will receive a combined $24 million in HPRP tax credits. The HPRP is a program created under the New Jersey Economic Recovery Act of 2020 to support the rehabilitation of historic properties.
- 292-306 Martin Luther King Jr. Boulevard (Former St. Michael’s Hospital): QOZB Ellavoz Newark Urban Renewal, LLC was awarded $12 million to rehabilitate this historic building into a co-living apartment complex. The project will feature 144 bedrooms across 42 co-living units, with eight designated as affordable housing. It will be marketed to university students, young professionals, and healthcare workers.
- 10 Park Place (Firemen’s Insurance Company Building): This historic building will undergo an office-to-residential conversion with $12 million in HPRP tax credits and an additional $81 million from the Aspire Program. The 10-story building, adjacent to the New Jersey Performing Arts Center (NJPAC), will be transformed into a mixed-use property with 196 affordable housing units.
Major mixed-use developments in East Orange, Trenton, and New Brunswick
The NJEDA Board also approved three projects for Aspire Program awards. Aspire is a gap-financing tool that provides tax credits to real estate development projects, particularly those that are mixed-use and transit-oriented, and all residential projects must include at least 20 percent affordable housing.
- East Orange: A multi-phased, transit-oriented development at 533 Main Street, The Crossings at Brick Church Station Phase 1B, was awarded over $297 million in tax credits. The project will be a nine-story building with 420 multifamily rental units, including 84 affordable and 63 workforce housing units.
- Trenton: Rowan Preservation, LLC was awarded more than $66 million to rehabilitate Rowan Towers, an existing residential building at 620 West State Street. The project will include extensive renovations to all 196 units, all of which will receive Project-Based Vouchers.
- New Brunswick: The new construction of a 27-story residential high-rise at 11 Spring Street was awarded $120 million in tax credits. The building will feature 300 units, with 20 percent designated as affordable housing.
Local officials expressed gratitude for the NJEDA’s investments, highlighting the positive impact these projects will have on their communities. “The Aspire Program and HPRP tax credits dovetail with our self-determined mandate to build sustainably and enable adaptive reuse of historic buildings,” Newark Mayor Ras J. Baraka said.
