By Joshua Burd
A brewing company will relocate to Atlantic City from southeastern Pennsylvania with the help of nearly $1.1 million in tax credits from the state Economic Development Authority.
A report Monday by The Press of Atlantic City said the operator, DeWalt Brewing Co., confirmed that it would accept the tax credits and make the move from just outside Reading, Pennsylvania. The manufacturer of handcrafted beer is expected to lease a 5,490-square-foot facility at 807 Baltic Ave. in the city’s Northeast Inlet section, a space that would also feature a tasting room and retail use.
The EDA last week approved a 10-year, $1.09 million Grow New Jersey tax credit to encourage DeWalt to relocate to Atlantic City, a move that would result in 15 new jobs for the resort town. The company told the authority it was also considering a location in Reading for its expansion.
The state in recent years has sought to steer investment to Atlantic City, one of five so-called Garden State Growth Zones in the state that qualify for bonus incentives and lower eligibility thresholds.
“We’re excited about the prospect of being part of the turnaround of Atlantic City,” CEO Christopher DeWalt told the newspaper.
For more, see Monday’s story by The Press of Atlantic City.
More New Jersey real estate headlines
Christie signs $400M transportation bill, kicking off work in all 21 counties (Politico New Jersey)
Postal services company expands presence in Burlington County (NJBIZ)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
