The state Economic Development Authority has begun accepting applications for a new grant program seeking to help municipalities and counties draw investors to federally designated Opportunity Zones.
Brokers with Meridian Capital Group are seeking a buyer for a development site in downtown Newark, one that is fully approved for nearly 600 high-end apartments across two towers.
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
Technical changes to the 10-year-old Site Remediation Reform Act incorporate many lessons learned since the law was originally enacted, industry insiders said last week, as a bill that would update the program now awaits a decision by Gov. Phil Murphy.
With six months to go as president of the New Jersey Apartment Association, industry veteran Steve Waters says he will continue his focus on both education and government affairs — supporting a membership that comprises more than 210,000 units statewide.
A newly enacted law allows New Jersey municipalities to assemble blighted properties within their borders, creating land banks that they can use to spur much-needed redevelopment.