Since 2015, more than 280 towns in New Jersey have signed settlement agreements for their affordable housing obligations, while a judge has determined the statewide need to be about 155,000 units and experts project that about 50,000 of those will be created by 2025. Frankly, the court process is way too far down the road to try and move it back to the Council on Affordable Housing or another state agency. But that is not to say there are not some issues worth discussing as we move forward.
Government & Public Policy
From zoning disputes to the federal tax code, public policy affects the commercial real estate sector far more than you may realize. For industry leaders, government and politics demand constant attention.
Developer, HMFA unveil 184-unit apartment complex in North Brunswick
Community Investment Strategies has completed its rehabilitation of a North Brunswick apartment complex, delivering 184 new units that will serve as affordable housing.
Saxum plans office project in Austin as first Opportunity Zone investment
Saxum Real Estate has landed in Austin for its first investment under the federal Opportunity Zone program, teaming with a local developer to acquire a site for a new ground-up office building.
Financial services firm eyes 215,000 sq. ft. lease, with help of expiring tax credit program
A financial services firm has proposed leasing more than 215,000 square feet in Morris County with the help of a 10-year, $22.2 million tax credit under the state’s expiring incentive programs, as lawmakers gathered this week to consider an extension of the subsidies.
EDA rebrands 50-acre research, incubator park in North Brunswick
The state Economic Development Authority has rebranded a well-known 50-acre research and incubator park in North Brunswick.
Murphy details tax credit overhaul, unveils new legislation
With less than four weeks to go until New Jersey’s tax incentive programs expire, Gov. Phil Murphy on Wednesday unveiled a bill to establish new subsidies for developers and businesses that would include annual caps on awards and requirements tied to union labor.
Improved transit is key to New Jersey’s future
Legislation was enacted last November that requires NJ Transit to establish an office of real estate economic development and transit-oriented development to assess all its properties and annually recommend how best to increase NJT’s non-fare revenues. The goal is to enable NJT to have more funds to invest in its operations, maintenance and capital projects in order to improve performance for bus, rail and light rail passengers.
Newark developers, city leaders unveil long-awaited park project near Prudential Center
Developers and city officials gathered in Newark on Thursday to mark a milestone more than a decade in the making — the opening of a new public park adjacent to the Prudential Center, setting the stage for a wave of new investment between the arena and Newark Penn Station.
Good vibes
As you’ll read in this month’s cover story, local leaders in Red Bank are increasingly open to the idea of redevelopment and smart growth in their community. The 2.2-square-mile borough has long held the cachet of towns such as Montclair and Morristown, but new mixed-use projects have been few and far between.
The RealReal opens 490,000 sq. ft. e-commerce center in Perth Amboy
An online luxury consignment shop has officially added to its footprint in New Jersey, marking the opening of its nearly 500,000-square-foot distribution center in Perth Amboy.
