The state has taken a new step to support municipalities seeking to tackle the issue of vacant or underused commercial and retail properties in their towns, under a new planning grant program announced Thursday by the Economic Development Authority.
New Jersey has “everything we need for our future success,” Gov. Phil Murphy said Tuesday, as he highlighted new proposals for tax credits tied to brownfield cleanups, historic rehabilitations and other policies meant to spur new affordable housing and economic growth.
Amid his sweeping plan to spur a new wave of innovation in the state’s economy, Gov. Phil Murphy has offered a glimpse at what could come of the incentive programs that have helped bolster New Jersey’s commercial real estate market in recent years.
Prologis and an online luxury consignment shop have signed a lease for more than 490,000 square feet in Perth Amboy, following the approval of a 10-year, $38.9 million tax credit package to help the retailer establish a new Northeast fulfillment center.
State officials have approved a 10-year, $38.9 million tax credit package to encourage an online luxury consignment shop to open a nearly 500,000-square-foot fulfillment center in Perth Amboy, where it says it would hire close to 800 employees.
A three-year-old clothing manufacturer could be joining the sprawling Kearny Point redevelopment, following the approval of a 10-year, $37.2 million incentive to support a new 113,000-square-foot facility at the complex.
An investment group has set out to revitalize two public housing complexes in Newark that city officials say are nearly uninhabitable, with plans to spend more than $170 million on the project and the full financial backing of the state.
NAIOP New Jersey will honor one of the state’s key government officials in recent years alongside one of its best-known developers as part of its upcoming fall awards dinner, where the association will also recognize several influential industry professionals.
Prism Capital Partners has detailed its plans for the Nutley office building that will become home to Ralph Lauren Corp., the latest tenant to commit to its 116-acre ON3 campus.
With the Grow New Jersey program set to expire in less than a year, the prospect of losing the incentive is already weighing heavily on the state’s commercial real estate market.
