50 Barrack St. in Trenton — File photo/Courtesy: New Jersey Department of Treasury
By Joshua Burd
The state is seeking a buyer for a 10-story, 230,000-square-foot office building in downtown Trenton that it says can support a range of uses and is eligible for key incentive programs.
The Capital City Redevelopment Corp., which is marketing the property on behalf of the Department of the Treasury, has issued a request for offers to purchase and redevelop the former Division of Taxation building at 50 Barrack St. It did so while touting its expansive views of the Delaware River and a location that is steps from the state capital, adjacent to historical and cultural attractions and within walking distance of the Trenton Transit Center’s network of Amtrak, NJ Transit and Southeastern Pennsylvania Transportation Authority service.
Potential uses include residential, commercial and retail, the CCRC said. It noted that a recent reuse study prepared for the agency includes concepts such as building exterior renovations, concept floorplans for various uses, renovation cost estimates and an analysis of market conditions, while finding the property’s street-level spaces to be suitable for retail, office and commercial uses.
“With its prime location and promising redevelopment potential, the former Taxation building is ready to be a part of Trenton’s ongoing revitalization,” State Treasurer Elizabeth Maher Muoio said. “This project is a great example of the type of collaboration that was envisioned when Governor Phil Murphy established the State Capital Partnership. Treasury has been working closely with the CCRC, the City of Trenton, the New Jersey Economic Development Authority and local stakeholders in readying this building for new life.
“After more than 50 years as home to the New Jersey Department of the Treasury’s Division of Taxation, Treasury stands ready to work with the next occupants to ensure that the rebirth of this building is not only successful, but comports with the overall vision of the many who call Trenton home.”
The building is in an area eligible for enhanced state tax incentives through the EDA’s Aspire Program, which provides tax credit awards for 10 years, according to a news release. Additionally, the selected respondent will have the option to seek a $4 million zero interest loan from CCRC.
Complete details on the request for offers to purchase and redevelop the property are available online. Responses from interested entities are due by 12 p.m. Oct. 10, 2024.
The redevelopment of the half-acre property is a collaborative effort guided by the State Capital Partnership, which Murphy established in 2018 by Executive Order No. 40 to harness state support and resources to spur economic development in Trenton and help chart a new course for New Jersey’s capital city, the news release said. The State Capital Partnership consists of several integral state agencies, the city of Trenton and Mercer County and is designed to better coordinate and align resources in support of Trenton’s revitalization.
The State Treasurer’s Office oversees the partnership in coordination with the state Department of Community Affairs. CCRC added that, while the search for a new owner is underway, Treasury continues to operate and maintain the building.
