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EDA, NJIT ANNOUNCE NEW CENTER FOR BROWNFIELDS CLEANUP
REALESTATENJTM 7
The state Economic Development Authority is teaming with the New Jersey Institute of Technology to establish a new initiative aimed at helping local governments clean up and reposition brownfield sites within their borders.
The EDA on Jan. 16 said its board of directors has approved a memorandum of understanding with NJIT to establish the NJ Brownfields Center at the university. The center, which will be launched using $200,000 in EDA funds, will provide a variety of technical assistance and resources to assist New Jersey communities with the process of transforming their brownfield sites into community assets.
stronger, more vibrant communities across New Jersey,” said Tim Sullivan, the authority’s CEO. “NJIT has an impressive history of helping communities successfully take
on transformative redevelopment projects. We are excited to work
with them and our partners at the municipal level to make New Jersey a safer, healthier place to live and work.”
The move comes as part of a
larger effort by the Phil Murphy administration to facilitate brownfields redevelopment. The governor has proposed other solutions, including a remediation and redevelopment tax credit and an enhanced brownfields loan program through the EDA.
The authority also pointed to last year’s agreement with the state Department of Environmental Protection, which calls for the agencies to expand what’s known as the Community Collaborative Initiative. According to a news release, the program embeds DEP staff in 12 targeted communities to help them navigate complex
environmental stressors and set a pathway for successful remediation and redevelopment.
The Brownfields Center at NJIT will expand upon those efforts to offer similar assistance to communities beyond the 12 CCI municipalities, as well as providing additional tools to all brownfield communities in New Jersey, the news release said. The center will also provide guidance and resources to county and local government entities
to help them overcome challenges and navigate the brownfield redevelopment process, as well as educate and engage communities around brownfield issues.
Under the terms of the agreement approved by the EDA’s board, the authority will provide $200,000 to launch the Brownfields Center, while NJIT will provide quarterly updates on the use of funds and progress in communities receiving assistance.
Tim Sullivan
“Returning contaminated sites to productive use is an essential component
of Governor Murphy’s commitment to building
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PRC GROUP TAPS INVESTMENT TEAM FOR NEW CAPITAL MARKETS ARM
The PRC Group has joined forces with the founders of a real estate investment firm, launching a new subsidiary focused on capital markets and expanding its development pipeline.
The West Long Branch-based development, construction and management business in mid-January announced the formation of PRC Capital Markets LLC. Christopher Otteau and Shree Shah, the founding members of Bernardsville-based 3P Equity Capital Inc., will lead the new subsidiary.
“3P Equity was created with the vision of bringing a smarter approach to capital by combining true capital markets and real estate experience,” said Otteau, the firm’s co-founder and CEO. “We are very excited to bring our investment platform to a developer that has combined sixty years of experience with a continued enthusiasm for expansion and an exciting vision of growth.”
PRC Capital Markets will operate
under PRC’s umbrella of companies.
“The PRC Group has had tremendous success over the past sixty years, utilizing very
little outside
capital in
planning,
developing,
constructing
and managing
multifaceted,
and often
complex, real
estate projects,” said Bob Kaye, chairman and CEO of the PRC Group. “However, as we continue
to grow it has become clear we require a capital market strategy that matches the needs of our expanding portfolio of interesting real estate investments and today’s promising development opportunities. We
are very excited to announce the formation of PRC Capital Markets, which will be headed by Otteau and Shah, who will serve as the new company’s senior managing directors.”
Bob Kaye