Sponsored Content

At long last, new development incentives on the horizon in New Jersey

The state’s newly created Aspire Program — the successor to the Economic Redevelopment and Growth (ERG) Grant Program — is an aggressive tax credit program designed to encourage redevelopment projects using incentive awards to reimburse developers for certain project financing gap costs. The Aspire Program includes incentives for the development of both commercial and residential projects.

As with its predecessor, developers must show that the project is in a qualified incentive area, that without the incentive award the redevelopment project is not economically feasible, and that a project financing gap exists. There are additional requirements based on the nature and overall scope of the project.

No slowing down: Growth of e-commerce, last mile delivery and the densest state in America

The New Jersey industrial market has continued on its historic pace with vacancy rates dropping below 3 percent across the state. This has been driven by the unprecedented demand from online retailers and e-commerce-driven businesses desperate for warehousing and “last mile” distribution. E-commerce had already been on a rapid ascent for years with its share of the total retail market more than quadrupling since 2010. With the pandemic shuttering most brick-and-mortar locations for the better portion of 2020, e-commerce had taken on another level of growth. According to the U.S. Department of Commerce, sales increased 31.73 percent year over year, the fastest growth rate in 10 years, nearly doubling the second-highest growth rate of 17.81 percent in 2011.

Industrial developers, it’s time to upgrade your contractors pollution liability policy

Institutional capital is abundant, and often times this capital is deployed to warehouse development opportunities to support global supply chains.

Greenbaum, Rowe, Smith & Davis LLP

Greenbaum, Rowe, Smith & Davis LLP represents a wide range of local, regional and national clients who are active in New Jersey’s real estate market. Our client base ranges from developers to REITS and private equity investors. The team also focuses on property owners, lenders, governmental entities and homeowners associations. We provide strategic counseling and related litigation support related to the acquisition, development, financing, leasing, operation and disposition of multifamily, mixed-use, commercial and industrial real estate.

Fox Rothschild LLP

Our client base is comprised of institutional and non-institutional real estate developers and owners, including many of the leading local and regional developers, such as the Hampshire Companies, Prism Capital Partners, Lincoln Equities Group, Vision Real Estate Partners, Woodmont Properties, Lennar Corp. and its affiliates, MCB Real Estate LLC, Mack-Cali Realty Corp., Camber Real Estate Partners, Acadia Realty Trust, The Birch Group and Senlac Ridge Partners.

Genova Burns LLC

Genova Burns represents a broad range of participants with a diverse class of asset types in the real estate industry from local, regional and national developers, commercial lenders and financial institutions to property owners, landlords, tenants and borrowers. The core of our client base includes multifamily and mixed-use property owners and developers, private equity investors and joint ventures, national as well as local retail businesses and owners and operators of office, industrial and retail properties, all having or seeking to establish a presence in the local marketplace.

Connell Foley LLP

With nearly three dozen attorneys practicing in our Real Estate and Land Use Group, Connell Foley has the depth and experience to represent the full range of businesses and individuals with commercial real estate interests in New Jersey. From major national developers to financial institutions, private investment funds, public entities and business owners, our clients are sophisticated real estate investors involved across the complete spectrum of property types. Recognizing clients come to us with some of the most exciting and unique development opportunities, we devise tailored plans, navigate regulatory hurdles and facilitate the successful completion of our clients’ projects.

Chiesa Shahinian and Giantomasi PC

CSG’s industry-leading clients include a wide spectrum of owners, developers, investors, lenders and users of all real estate asset types in both the private and public sectors. From international publicly held investor/owners, to regional and local prominent owners, developers and lenders, to manufacturers and Fortune 100 users of real estate, our private-sector clients seek CSG’s strategic counsel for their complex and often high-profile projects. Our public-sector clients — including energy and utilities providers, municipalities and other governmental entities — look to our experienced team to help achieve their unique objectives.

Mandelbaum Salsburg PC

Typically, our clients are established owners, developers, investors and financial institutions. We also frequently advise commercial tenants and condominium associations across the state. Besides being one of the few regional firms with full-service real estate capabilities, we have an established reputation in the New York and New Jersey markets, and a 50-year track record of delivering sophisticated advice that the industry trusts. We’re also a partner-driven firm. Every client gets the benefit of a highly collaborative and responsive partner who has an intimate understanding of the real estate market. We also strive to continually add value to our clients’ businesses whenever possible, and we put their interests first and foremost always. That type of service is fundamental to the way we operate, and it’s the reason many clients stay with us across multiple generations.

Wilentz, Goldman & Spitzer PA

As a full service law firm for national corporations, developers and investors handling development, redevelopment, construction, borrowing, leasing and management of large multifaceted projects, we integrate our redevelopment, land use, transactional and environmental experience to provide cost-effective services. We are tuned in to the economics of every project and clients’ business goals as well as the legislative and political landscape impacting the real estate community. Clients benefit from our track record of success working with governmental and regulatory agencies to obtain the incentives necessary to complete complex transactions and create beneficial public-private partnerships.