The current version of the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act, which was passed by the state Legislature on December 17, 2020, provides a framework for legalizing recreational cannabis in the state, including six different classes of licenses to be considered by those looking to enter the cannabis business marketplace. As we discussed in Part I in our series on cannabis, early identification of an ideal region and/or municipality for the proposed licensed premises is critical to success. However, there are a host of other factors and potential snags that an applicant must take into consideration before selecting a location.
Most are undoubtedly aware that, in this past election, New Jersey voters overwhelmingly passed a ballot initiative to legalize the recreational use of cannabis for adults age 21 years or older. Due to our state’s geographic location and dense population, experts predict this marketplace will quickly become a multibillion-dollar industry. As we wait for the cannabis sector to spark up in New Jersey, now more than ever, those interested in joining the industry should evaluate what type of real estate space is best suited for this emerging industry, which will differ based on the type of cannabis license it seeks.
On May 1, 2019, the City of Newark Municipal Council adopted Ordinance 18-1970 by a 7-0 vote amending several sections of the City’s Zoning Ordinance. This new ordinance permits medical marijuana alternative treatment centers, medical marijuana cultivation facilities, medical marijuana manufacturing facilities, and medical marijuana safety compliance facilities (collectively, the “Medical Marijuana Uses”) as conditional uses in specified zoning districts within the City.
Having started my commercial real estate career in Newark, New Jersey in the late 1980s, I’ve had a front row seat to the evolution of The Brick City, and specifically the strides taken by the community toward enhancing the soul of the downtown area. What was once a city centered largely around Newark Penn station, the region has experienced new growth, particularly northward and westward toward the Broad Street corridor. Additionally, while improvements over the past two decades were slow, but steady, the past five years have seen a more intense ramp up in activity.
The sweeping tax reform brought on by The Tax Cuts and Jobs Act is now in effect, but many Real Estate owners and investors remain in the dark on how these changes will impact their businesses. With that, Sax’s Real Estate advisors will hold an educational webinar on March 19 to run through the major changes facing the Real Estate industry overall now that tax reform has been implemented, and proposed guidance has been released.
As corporate occupiers transform their work environments to maximize efficiency and attract and retain talent, traditional office space has evolved. This demand is the catalyst for architects and designers to re-evaluate the function of the office, resulting in significant changes in work space.