A rendering of the entrance of University Place, a mixed-use project at New Jersey City University in Jersey City
By Real Estate NJ
Officials in Jersey City have approved tax abatements for three mixed-use buildings by a private developer at New Jersey City University’s main campus, a published report said Thursday.
The report, by The Jersey Journal, said the 30-year tax breaks will support nearly $85 million worth of development on the city’s west side, part of a broader master plan to grow NJCU’s western campus. The plans by PRC Group call for 301 market-rate apartments and nearly 12,000 square feet of retail space between Route 440 and West Side Ave.
Thursday’s story said the Jersey City council approved each abatement by a 5-1-2 vote.
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PRC Group is leasing the land from the public university, allowing the school to fund other facilities such as an academic building without raising tuition, the report said. The campus has also attracted other developers — a venture of The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments — which broke ground on their own mixed-used building in September.
For more, see Thursday’s story by The Jersey Journal.
More New Jersey real estate headlines
Fast-growing Vydia moving to Holmdel’s Bell Works (Asbury Park Press)
Atlantic City casinos post 1st revenue hike in 10 years (Associated Press)
Montclair council: Red Cross to sell Park Street office, Siena PILOT ordinance (Baristanet)
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.
