A developer with deep roots in Hudson County has proposed building more than 2,300 apartments at the edge of downtown Jersey City, seeking to transform several blocks of blighted property just east of the New Jersey Turnpike extension.
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.
Somerset closes on 31-acre transit village site in Somerville
Somerset Development has completed its long-awaited acquisition of 31 acres in downtown Somerville, paving the way for a project that includes more than 500 residential units and other uses adjacent to the borough’s train station.
EDA reviewing tax credit awards to Teva, Norcross-linked firms
A state agency is looking into six companies that were awarded tax credits under New Jersey’s beleaguered incentive programs, including a global drug manufacturer and several firms with ties to George E. Norcross III, the powerful South Jersey Democratic leader.
L+M, Prudential land financing to preserve and upgrade Newark housing complex
L+M Development Partners and Prudential Financial have secured financing to preserve and renovate a government-subsidized housing complex in Newark’s South Ward.
Murphy reiterates plan to veto incentives extension, hopes for ‘common ground’
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.
Developers, officials debut $48 million Camden apartment building
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.
The next chapter in affordable housing in New Jersey
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.
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.
