Perth Amboy
By Joshua Burd
Plans for a new 23-unit apartment building in Perth Amboy are moving ahead with the help of a grant approved last week by the state Economic Development Authority.
The project, located at 500 High St., involves the substantial rehabilitation and expansion of a long-vacant, deteriorated concrete shell structure into a six-story mixed-use property that includes five units of affordable housing and 1,100 square feet of ground-floor commercial space, according to the EDA. Its developer will receive a grant of roughly $2.79 million for the project, one of five that received awards on Aug. 18 under the authority’s Real Estate Gap Financing Program.
“Under Governor (Phil) Murphy’s leadership, New Jersey has prioritized fostering a sustainable economic recovery by ensuring that federal COVID-19 recovery resources have a lasting impact by helping communities revitalize underutilized spaces, expand affordable housing and support small businesses,” said Tim Sullivan, the EDA’s chief executive. “The projects approved under the Real Estate Gap Financing Program will strengthen local economies, expand opportunities for residents and help create vibrant downtowns and main streets across the state.”
Approved by the EDA board in July 2024, the program provides grants covering up to 50 percent of total eligible project costs, with a minimum grant funding award of $500,000 and a maximum award of $5 million per project, according to a news release. Eligible real estate projects include commercial or office, supermarkets or grocery stores, manufacturing, nonprofit and community uses, cultural arts, performing arts and mixed-use developments located in 25 distressed municipalities.
The EDA last week also approved a nearly $2.5 million grant for Parkway Eye Care Center LLC, the developer of a proposed mixed-use building at 21 North Park St. in East Orange. Those plans call for 15 apartments, including three affordable units, along with commercial space that will serve as a new home for Parkway Eye Care Center, under a project that is led by a certified small minority- and woman-owned business and aims to stabilize the practice’s long-term presence in the community.
In Lakewood, a developer will receive $2 million in connection with a two-story, 15,698-square-foot commercial building at 500 Avenue of the Americas, with a restaurant on the first floor and conference space on the second floor, the news release said. The EDA also approved a $1.3 million grant for Greater Bergen Community Action Inc. to rehabilitate a 24,000-square-foot, three-story office and retail building at 106 Somerset St. in Garfield, transforming the property into a mixed-use facility anchored by a small business assistance center supporting women-, minority- and veteran-owned enterprises.
The fifth grant, for The Institute of Music for Children, will provide $1.16 million to transform an underutilized space at 780 Salem Ave. in Elizabeth into a vibrant, high-quality facility for arts education, job creation and community revitalization, the EDA said. The renovations aim to expand programming for youth, increase employment for teaching artists and strengthen social and emotional health in response to COVID-19’s long-term impact on children and artists.
