919 Fairmount Ave. in Elizabeth
By Joshua Burd
The state has approved a 10-year, $2.75 million tax credit to encourage a Brooklyn-based foot care company to move a major part of its operation to Elizabeth.
The business, ProFoot Inc., is considering whether to lease space at an industrial building at 919 Fairmount Ave., according to the state Economic Development Authority. The potential location in Elizabeth consists of about 64,400 square feet of warehouse and office space.
Founded by a chiropractor in 1986, ProFoot designs, warehouses and distributes wholesale to retailers worldwide through several third-party manufacturers, the EDA said. Its products include orthotics for plantar fasciitis, insoles, creams and other remedies.
In applying for the Grow New Jersey tax credit incentive, the company told the EDA that it has outgrown its 40,000-square-foot distribution warehouse facility in Brooklyn and is now looking for a more affordable option. ProFoot’s administrative offices would remain in the borough.
“ProFoot has exhausted the amount of space available for use in its warehousing and distribution processes,” the EDA wrote in a memorandum to board members. “Although the area it operates out of in Brooklyn has traditionally been used for warehouse and distribution operations, the rents for suitable facilities have been increasing steadily (to $14 to $15 per square foot) and as a result, have priced ProFoot out of the market in that area.”
The EDA on Tuesday approved the company’s application for a $2.75 million incentive package, but noted that ProFoot was also considering an alternative location in Allentown, Pennsylvania. If it chooses Elizabeth, it would relocate 55 jobs to New Jersey.
The building at 919 Fairmount is owned by Elberon Development Group, an Elizabeth-based developer and owner of industrial space in the city. The company acquired the property last year and has said it was planning major upgrades in order to attract new tenants.
