Gov. Phil Murphy doubled down on his pledge to veto a bill to extend New Jersey’s embattled tax incentive programs, while still offering hope for a compromise with state lawmakers.
A development group has completed a new 156-unit apartment building on the Camden waterfront, delivering the city’s first new market-rate rentals in more than a decade.
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.
Community Investment Strategies has completed its rehabilitation of a North Brunswick apartment complex, delivering 184 new units that will serve as affordable housing.
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.
The state Economic Development Authority has rebranded a well-known 50-acre research and incubator park in North Brunswick.
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.
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.
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.