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TRENTON, N.J. (April 11, 2025) – Last month, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of over $10 million to rehabilitate a five-story building in Atlantic City under the Historic Property Reinvestment Program (HPRP). The Ridley Lofts Rehabilitation Project, developed by Ridley Lofts Urban Renewal Entity, LLC and Odin Forward, will bring 35 new residential units to the Orange Loop district in Atlantic City.
“Restoring vacant or underutilized vacant properties serves as a core component of Governor Phil Murphy’s commitment to revitalizing communities, creating jobs, and driving economic growth in commercial hubs,” said Tim Sullivan, Chief Executive Officer of the NJEDA. “Through the HPRP, the Ridley Lofts Rehabilitation Project will safeguard the historic Atlantic City YMCA building for future generations, deliver new housing, and serve as a catalyst for the continued revitalization of the Orange Loop district.”
The project consists of the complete rehabilitation of a five-story building located at 1307 Pacific Avenue into a modern residential housing development. In addition to the 35 new residential units, the development will include a fitness center, on-site management, a secure package and mail room, and a resident lounge. The early 20th century building originally operated as the Atlantic City YMCA. The building has a total of approximately 45,516 square feet of interior space and has been vacant for over three years.
The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year.
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
TRENTON, N.J. (April 9, 2025) – The New Jersey Economic Development Authority’s (NJEDA) will host several information sessions for small business owners interested in the Route 80 Business Assistance Grant Program. The grant program will support small businesses in Morris County that have experienced a decline in revenue due to the lane closures on Route 80 caused by the ongoing sinkhole repairs. The NJEDA Board approved the program today during its monthly meeting and the Authority expects to open applications later this month.
WHAT: The Route 80 Business Assistance Grant Program will provide grants ranging from $1,000 to $15,000 to businesses and non-profits located in close proximity to Route 80’s Exit 34, the epicenter of the sinkholes causing traffic disruptions. The Authority will host in-person and virtual information sessions for businesses owners to learn more about the program’s eligibility requirements and application process.
WHO: Eligible applicants include small businesses and non-profits that have up to 50 full-time employees. Businesses must be located in Morris County and within a five-mile radius of Route 80’s Exit 34. Applicants must also certify a negative financial impact of at least $1,000 for the first quarter of 2025.
WHEN:In-person Session: Monday, April 14, 2025– 5:00 p.m. Wharton Municipal Building 10 Robert Street Wharton, N.J. *Business owners are encouraged, but not required, to bring a laptop or tablet to the in-person session to ensure proper access to the application portal.
The SBA’s Business Recovery Center is also located at the Wharton Municipal Building, where business owners can receive information about federal Economic Injury Disaster Loans. Hours are Monday-Friday 8:30 a.m.-5:00 p.m. and Saturday 10:00 a.m.-2:00 p.m.
Virtual Sessions: Tuesday, April 15, 2025 – 10:00 a.m. Click here to join.
Wednesday, April 16, 2025 – 6:00 p.m. Click here to join.
For more information about the Route 80 Business Assistance Grant Program click here.
Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, April 15, 2025, at 11:00 am.
Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.
IN PERSON:
NJEDA Board Room
36 West State Street, Trenton, NJ 08625
TELECONFERENCE:
CONFERENCE NAME: CCRC BOARD MEETING
PARTICIPANT DIAL-IN NUMBER: 551-220-2262
PARTICIPANT ACCESS CODE: 575 254 802#
The agenda can be found 48 hours prior to the meeting on the website: www.njeda.gov/ccrc.
WHAT: The CAFE Program will provide tax credits through a competitive process to cultural arts institutions to build or renovate facilities, including aquariums, historical societies, libraries, galleries, museums, performing arts centers, or other eligible cultural or arts facilities. Eligible awardees will receive tax credits covering 100 percent of eligible project costs, up to $75 million.
WHO: Eligible applicants include government entities and not-for-profits whose primary mission is arts and culture, or a for-profit business receiving a federal or state historic preservation rehabilitation tax credit. Applicants are required to contribute 10 percent or 20 percent equity to the project, depending on the project location. The minimum project size is $5 million.
WHEN: Applications for the CAFE Program are now open. Applications must be submitted by June 6, 2025, at 5:00 p.m. To apply and for more information, click here.
New Jersey to Also Receive Economic Injury Disaster Loan Assistance from the U.S. Small Business Administration
TRENTON, N.J. (April 4, 2025) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) plans to create a $5 million grant program aimed at supporting small businesses in Morris County that have experienced a decline in revenue due to the lane closures on Route 80 caused by the ongoing sinkhole repairs. The Route 80 Business Assistance Grant Program will provide grants to for businesses and non-profits located in close proximity to Route 80’s Exit 34. The grant program will go to the NJEDA Board next week for approval.
Additionally, the Governor announced that the U.S. Small Business Administration this week approved Economic Injury Disaster Loans (EIDL), capped at $2 million, for Morris County and the contiguous counties of Hunterdon, Passaic, Somerset, Sussex, Union, and Warren. The EIDLs are a working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
“It’s been a grueling several weeks for Morris County business owners located off the Route 80 corridor. From Wharton to Roxbury, small businesses have had fewer customers, resulting in a decline in sales and revenue. I’m happy to announce today that help is on the way,” said Governor Murphy. “The NJEDA’s planned grant program, paired with the U.S. Small Business Administration’s Economic Injury Disaster Loans, will inject much-needed capital into small businesses. We are committed to doing this as swiftly as possible to ease the burden on local businesses.”
“From natural disasters like Hurricane Sandy and tropical storms Henri and Ida, to a once-in-a-lifetime pandemic like COVID-19, the NJEDA is committed to supporting small business owners during dire times,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA shares Governor Murphy’s sense of urgency as we work to get critical funds to businesses most impacted by the Route 80 detours. We look forward to launching the program, which will help relieve the financial burden on small businesses, allowing them to stay open and continue serving communities in Morris County.”
The Route 80 Business Assistance Grant Program will provide grants to small businesses and non-profits that have up to 50 full-time employees. Applicants must certify a negative financial impact of at least $1,000 for the first quarter of 2025. Pending the NJEDA Board’s approval, the Authority is expected to open applications for the grant program by the end of the month. Additional program details and eligibility requirements will be available once the Board approves. Interested parties can check the NJEDA’s website and social media pages for updates.
“Small businesses along the Route 80 corridor are suffering the economic aftereffects of the sinkholes and traffic diversions caused by repair work,” said Senate President Nick Scutari. “They need help and they need it as quickly as possible. These EDA grants will be a financial lifeline that will help small businesses and service organizations keep their doors open and continue to serve the residents of their communities.”
“The ongoing lane closures on Route 80 have severely impacted small businesses in Morris County, causing a sharp decline in revenue for many that depend on steady customer traffic,” said Senate Republican Leader Anthony M. Bucco.“These businesses are not just the backbone of our local economy—they are owned and staffed by our families, friends, and neighbors. Now, through no fault of their own, they are struggling to stay afloat. Thank you Governor Murphy and the New Jersey Economic Development Authority for working with us, recognizing this hardship, and taking swift action by implementing the Route 80 Business Assistance Grant Program. This $5 million initiative will provide much-needed relief to affected businesses, helping them weather the financial challenges caused by these prolonged repairs. I look forward to the NJEDA Board’s approval next week and will continue fighting to ensure our small businesses receive the support they deserve.”
“For many business owners, a sudden lapse in revenue can mean the difference between keeping their doors open and closing for good, and the Route 80 closures have placed an undue burden on these surrounding communities,” said Speaker Craig J. Coughlin. “Supporting our local businesses is how we keep our communities strong and our economy moving. I commend the Governor and the NJEDA for acting on this matter quickly and decisively.”
“Small businesses are the heart of our Morris County communities, and they have borne the brunt of the Route 80 shutdown. I am grateful to the NJEDA and Governor Murphy for responding to our calls for help and launching this grant program,” said Assemblywoman Aura Dunn. “This critical support will provide real relief to business owners and working families as they fight to stay afloat. I look forward to continuing our bipartisan work to get these dollars out the door swiftly.”
“We want to thank the Governor’s Office, Senator Bucco, Assemblywoman Dunn, Assemblyman Barranco, the County Commissioners, and the NJEDA for their responsiveness to the needs of our business owners,” said Wharton Mayor William Chegwidden. “These businesses have been severely impacted by the decline of revenues resulting from the closure of Rt. 80 and we appreciate their swift action in creating this program that offers them real relief. This is government at its best- State, County, and Local all working as a team.”
” I’m thrilled and grateful for our business community that grants are becoming available to support their loss of revenue during this unpredicted transportation emergency,” said Mine Hill Mayor Sam Morris. “Thank you to everyone who made this possible.”
“This is a welcome and timely relief for our local businesses, who have been facing significant challenges since the closure of Route 80. The loss of customer traffic has taken a toll on our community’s small businesses, and this grant program will provide crucial support for businesses in the area,” said Mount Arlington Mayor Michael Stanzilis.“I want to thank Governor Murphy and the Economic Development Authority for taking this action and their continued commitment to helping our small businesses stay afloat during these difficult times. I’m confident this initiative will make a real difference for our local economy and help businesses in Mount Arlington and beyond recover and thrive.”
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
The New Jersey Economic Development Authority’s next public Board Meeting will be held in person, via conference call, and via Microsoft Teams on Wednesday, April 9, 2025, at 10:00 am.
Members of the public may participate in the meeting attending in person, by calling in on the conference line, or joining via Microsoft Teams link. Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number and Microsoft Teams link are being provided:
MEETING NAME: NJEDA BOARD MEETING (APRIL 9, 2025)
IN PERSON:
NJEDA Newark Office
One Gateway Center
11-43 Raymond Plaza West, 14th Floor, Newark, NJ 07102
Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.
The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.
Business owners hail from Summit, Princeton, Newark, and Nutley
TRENTON, N.J. (March 28, 2025) – Last week, five women-owned business owners joined a roundtable discussion to share their stories of opening and growing their businesses in New Jersey. Hosted by the New Jersey Economic Development Authority (NJEDA), the conversation centered around the entrepreneurs’ experience as women business owners in the state and how New Jersey can continue providing resources to uplift women-owned businesses.
“From day one, Governor Murphy has been dedicated to supporting women business owners and fostering a robust, diverse, and fair economy. With the help of Assemblywoman Collazos-Gill and the entire Legislature, the NJEDA has been able to roll out programs that provide essential resources to help women entrepreneurs turn their dreams into reality,” said NJEDA Chief Executive Officer Tim Sullivan. “Although New Jersey has made significant strides, our efforts are ongoing to ensure that minority business owners have the necessary resources to grow their businesses in the Garden State.”
The roundtable was hosted at Agave Mexican Cantina in Clifton and included businesses from a variety of industries such as retail, food, healthcare, and software. Assemblywoman Alixon Collazos-Gill (LD-27), President-Elect of the Women’s Chamber of Commerce Robin Tabakin, NJEDA Chief Economic Security Officer Tara Colton, and NJEDA Chief of Staff Emma Corrado also joined last week’s roundtable.
“I commend the NJEDA for their thoughtfulness and intent in which their grant programs and tools are reaching and empowering the diverse group of women entrepreneurs,” said Assemblywoman Collazos-Gill.“Women-owned businesses play a vital role in our economy by generating jobs, driving innovation, and enriching our communities. Continued state support is critical to their growth, expanding economic opportunities, and building a more inclusive and resilient economy.”
“During the NJEDA business roundtable for Women’s History Month, we explored the pivotal roles that the NJEDA and NJCSIT have played in supporting women-owned businesses in New Jersey,” said Tabakin. “Our discussions encompassed the resources these businesses currently utilize, the support programs they envision for the future, and NJEDA’s ongoing commitment to empowering women entrepreneurs through legislative actions and strategic goals.”
“Governor Murphy and First Lady Murphy have made it their mission from the beginning to support women-owned businesses, including the hundreds of women-owned child care centers the NJEDA has bolstered through its Child Care Facilities Improvement Program,” said Colton. “Making robust investments into the child care industry is helping empower women to rejoin the workforce, strengthening families and communities. Conversations such as these support women entrepreneurs by giving them the tools they need to successfully run their business and raise their families.”
“In support of Governor Murphy’s goal to strengthen the small business community, the NJEDA is committed to uplifting women small business owners across the state with the resources and tools needed to succeed,” said Corrado. “To ensure the NJEDA’s programs and products meet the needs of women business owners, conversations like these are crucial as we work to design and implement new resources.”
The Project for Empty Space, based in Newark, is a multifaceted arts organization that includes Exhibitions, Artists Residencies, Public Art initiatives, subsidized Artist Studios, and Artist Professional Development and Granting opportunities. Co-Director Rebecca Jampol is a recipient of the Activation Revitalization and Transformation (ART) Program.
“We at Project for Empty Space, a woman-led non-profit arts organization, center culture makers and build sustainable resources to uplift and empower our creative community,” said Rebecca Pauline Jampol, Co-Director, Project for Empty Space. “We recognize artists as vital contributors to the economic ecosystem—individuals who operate as small businesses—and with the support of NJEDA, we have expanded our footprint to better support this community in the heart of Downtown Newark.”
Tea & Oranges is a women’s accessories and apparel boutique in downtown Summit. Established in 2020 in the wake of the COVID-19 pandemic, Tea & Oranges strives to have unique and versatile clothing items, while giving customers a shopping experience that fits their needs. Owner Margot Zigmont is a recipient of the Small Business E-Commerce Support Program.
“Community has been essential to Tea & Oranges’ success as a woman run business, and I am fortunate to be part of a robust community of woman-owned entrepreneurs. We thrive when we support each other,” said Margot Zigmont, owner of Tea & Oranges. “As the recipient of the E-Commerce Grant from the NJEDA, my business made a crucial relationship with ANOTHER woman owned business who brought our website to the next level. The grant and this relationship continues to feed the growth of my business and it has helped us broaden our community as we continue to share Tea & Oranges with the state of New Jersey and beyond.”
“Building a hardware company is difficult. The early support from NJEDA allowed us to unlock a bunch of industrial partnerships and navigate the early funding challenges,” said Yidian Lu, Co-Founder of PolyGone. “I could not thank them more for creating such an inclusive ecosystem in NJ to host business like PolyGone.”
“As a women-led biotherapeutics company in New Jersey, early support from the NJEDA and CSIT was instrumental in enabling Vitruviae to conduct critical early-stage research—work that is rarely funded through traditional mechanisms. This funding served as a catalyst, helping us attract investors, generate intellectual property, and advance to the preclinical stage, where we can now operate with greater independence,” said Sonia Sequeira, PhD, CEO of Vitruviae. “We are deeply grateful for their support.”
“The grants we received from NJEDA have been a beneficial resource to help Kurly Kürtősh build this unique dessert culture around chimney cakes, a popular European dessert unknown in the US.,” said Nicole Shaw-Provillion, owner of Kurly Kürtősh. “As a woman business owner building this niche brand, it has been an interesting journey, and the community has been overwhelmingly supportive.”
Through the Main Street Recovery Program, which provides grants, loans, and technical support to eligible New Jersey businesses, the NJEDA is supporting minority-owned businesses across the state. In 2024, 537 women-owned businesses received funding from the Main Street suite of programs, totaling $10.5 million in funding.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
NJ AI Hub will provide space for startups, spurring collaboration and innovation in emerging sector
WEST WINDSOR TOWNSHIP – Governor Phil Murphy, along with representatives from the New Jersey Economic Development Authority (NJEDA), Princeton University, Microsoft, and CoreWeave, today officially opened the NJ AI Hub, a state-of-the-art, collaborative ecosystem that will integrate world-class research, innovation, education, and workforce development. The NJ AI Hub will provide a physical location where AI start-ups can collaborate, helping to support new, diverse innovators and drive long-term economic growth.
The NJ AI Hub is located at 619 Alexander Road in West Windsor Township, in space provided by Princeton University. Located along Route 1 – New Jersey’s innovation corridor – the Hub will help position the state as a leading East Coast center for AI innovation.
“With the opening of the NJ AI Hub, we are moving forward in establishing New Jersey as a global leader in technology and innovation,” said Governor Murphy. “Under our Administration, the Garden State has emerged as a premier destination for innovators, investors, and researchers blazing a trail in generative AI. And by partnering with one of the world’s greatest academic and research institutions—along with industry leaders, like Microsoft and CoreWeave—we are paving the way for groundbreaking discoveries and a new generation of economic growth that will create good-paying, sustainable jobs for the people of New Jersey. Together, we are building a stronger, more prosperous future for our residents and businesses alike.”
The NJ AI Hub will bring together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, the ethical and responsible use of AI for positive social impact, and workforce training in applied AI, in collaboration with other New Jersey universities, community colleges, and vocational schools. The Hub will also draw on New Jersey’s unique strengths in the health, sustainability, finance, and technology sectors to employ artificial intelligence technologies in advancing innovative breakthroughs.
Earlier this year, Governor Murphy and Princeton University President Christopher L. Eisgruber announced that Microsoft and CoreWeave would join Princeton University and the NJEDA as founding partners of the NJ AI Hub.
“The partnership we celebrate today shows how the public, private and academic sectors can come together to spark innovation in artificial intelligence, spur economic development, and strengthen the regional ecosystem,” said President Eisgruber. “The NJ AI Hub will not only keep the state and our nation at the forefront of this important field but also advance two of Princeton’s highest priorities, AI innovation and the regional ecosystem.”
“Today marks an exciting addition to New Jersey’s storied history of innovation,” said Brad Smith, Vice Chair and President of Microsoft. “The opening of the NJ AI Hub at Princeton represents a public-private partnership between the university and Microsoft that will support and drive economic opportunity for the state and greater region for decades to come.”
“As a company proudly headquartered in New Jersey, CoreWeave is deeply invested in the future of this state — and in the people who call it home,” saidBrian Venturo, co-founder and Chief Strategy Officer at CoreWeave. “This is more than just a space for innovation; we believe it’s a launchpad for aspiring technologists, engineers, and creators across NJ who no longer need to leave home to build world-class careers in AI. Today’s ribbon-cutting demonstrates that New Jersey is not just participating in the AI revolution — we’re driving it.”
“Since taking office, Governor Murphy has been committed to bringing new industries to the Garden State to ensure we remain at the forefront of innovation and cutting-edge breakthroughs,” said NJEDA Chief Executive Officer Tim Sullivan. “With Princeton University, Microsoft, and CoreWeave as our partners in this endeavor, New Jersey is positioning itself to become a national leader in the AI industry, building upon our centuries-old legacy in technological innovation and discovery. As we support young companies in AI, we are helping create good-paying jobs and sustainable economic growth across the state.”
Princeton University, Microsoft, CoreWeave, and the NJEDA will focus on three main pillars of programming at the NJ AI Hub, including 1) research and development; 2) commercialization and accelerating innovation; and 3) strengthening AI education and workforce development. Together, the founding partners will invest over $72 million to support the long-term success of the NJ AI Hub.
The NJ AI Hub will build on other investments being made by New Jersey to develop the state’s AI ecosystem, including the planned AI Venture Fund. The AI Venture Fund will invest in early-stage AI startups, focusing on companies that are part of New Jersey’s strategic industries.
Plans for an AI Hub were announced by Governor Murphy and President Eisgruber in 2023. Pending NJEDA Board approval, the NJ AI Hub will be supported through the NJEDA’s Strategic Innovation Center (SIC) initiative. The NJEDA has executed a non-binding term sheet to support the NJ AI Hub’s operating budget for up to five years. In total, the NJEDA is anticipated to invest up to $25 million to support the NJ AI Hub and the NJ AI Venture AI Fund.
As part of this investment in the NJ AI Hub, Microsoft will be bringing its TechSpark program to New Jersey. Founded in 2017, Microsoft TechSpark fosters inclusive economic opportunity across the U.S., including job creation and innovation, by working in communities and investing in local organizations. TechSpark operates across all 50 states and to date has helped secure more than $700 million in community funding for local innovation, trained 65,000 people in critical technology skills, and created 4,500 jobs.
For further updates, please visit the NJ AI Hub website at njaihub.org.
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Please be advised that a Board Meeting for the New Jersey Green Bank will be held in person and via teleconference on Thursday, April 3, 2025, at 10:00 a.m.
Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.
IN PERSON:
New Jersey Economic Development Authority
NJEDA Board Room
36 West State Street, Trenton, NJ 08625
The agenda and teleconference number can be found 48 hours prior to the meeting here.
The Urban Investment Fund Program will support building rehabilitation and public space remediation
PATERSON, N.J. (March 26, 2025) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan yesterday announced the award of two grant awards through the Urban Investment Fund (UIF) Grant Program to support community revitalization efforts in Paterson and Passaic. A total of $12.7 million in grant funding will support several building rehabilitation and public space projects in the two Passaic County cities, which were both negatively impacted by the COVID-19 pandemic.
“The pandemic took a toll on municipalities across the state, particularly in urban neighborhoods where foot traffic dramatically decreased,” said Governor Phil Murphy. “Investing in the revitalization of New Jersey’s hardest hit communities will help bolster small businesses, support job growth, and create thriving main streets. Paterson and Passaic are critical to our state’s economy and the NJEDA’s Urban Investment Fund will ensure the cities’ continued growth and success.”
“Under Governor Murphy’s leadership, the NJEDA continues to invest in communities most impacted by the pandemic, providing necessary access to capital to build world-class, economically thriving cities and towns across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding awarded to Paterson and Passaic will fuel inclusive economic growth in vital commercial corridors—creating jobs, supporting local businesses, and driving long-term prosperity through meaningful investments.”
The grant awards were announced yesterday during a press conference outside of the Paterson Museum. With a portion of Paterson’s $7 million Urban Investment Fund grant, the city will create a metal-frame pavilion over two historic locomotives adjacent to the museum. The pavilion will create an open-air, educational, and interpretive area for museum patrons and visitors. The project is part of the city’s over $17 million strategy to enhance the Great Falls Historic District in the wake of the pandemic.
NJCDC CEO Robert Guarasci, Paterson Mayor Andre Sayegh, Passaic Mayor Hector Lora, NJEDA CEO Tim Sullivan
“We are elated that the NJEDA will provide funding for catalytic projects that will help us position Paterson for further progress,” said Paterson Mayor Andre Sayegh. “Our city is in growth mode, and we appreciate EDA’s steadfast support.”
“These funds are invaluable in sustaining the economic prosperity of our great city, allowing us to focus on the removal and improvement of properties in disrepair and the walkability within our central business district. This investment strengthens our ongoing redevelopment initiatives, and complements current, and planned projects within the Corridor,” said Passaic Mayor Hector Lora. “This funding will be instrumental in advancing my vision of assisting residents and local businesses in their recovery from the lasting impacts of the COVID-19 pandemic.”
“As a non-profit organization committed to community economic development, we are grateful for NJEDA’s support of our two projects,” said NJCDC CEO Robert Guarasci. “Both projects will dramatically improve Paterson’s Spruce Street corridor, which serves as the gateway to Paterson’s Great Falls National Historical Park.”
Through the Urban Investment Fund Grant Program, the NJEDA provides grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the pandemic by helping cities enhance vitality. Projects supported by the program can include building rehabilitation projects, building reuse studies, and public space use investments in key commercial corridors. Funding for this program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.
“Paterson’s legacy as a cradle of New Jersey and American industry is undeniable, and the NJEDA’s investment through the Urban Investment Fund acknowledges our history while providing resources that invite our city’s future. The transformative projects, happening alongside the revitalization efforts in Passaic, signify a district-wide blessing, a commitment to uplifting our communities together. From the transformative Youth Wellness Hub to the preservation of the historic Rogers Locomotive, these projects are not merely about bricks and mortar; they’re about building community, fostering well-being, and creating spaces where Paterson’s residents can thrive. The rehabilitation of 98 Spruce Street, providing affordable housing and commercial space, directly addresses the needs of our residents, while the study of the Ivanhoe Wheelhouse Building offers the promise of breathing new life into a landmark of Paterson’s industrial heritage. By investing in the Raceway Bridge and Colt Gun Mill Park, the NJEDA is also ensuring that the natural beauty and historical significance of Paterson are both celebrated and accessible to all,” said State Senator Benjie Wimberly (LD-35). “This commitment to both preservation and progress, across both Paterson and Passaic, demonstrates a deep understanding of our district’s legacy and potential, these projects will undoubtedly serve as catalysts for positive change. I send my highest salute to our collective efforts in making these aspirations our reality.”
“Investing in our communities helps boost local economies, create jobs, and uplift residents and families,” said State Senator Paul Sarlo (LD-36). “I’m thankful to Governor Murphy and the NJEDA for their commitment to supporting cities like Passaic. Through the Urban Investment Fund, the City of Passaic will be able to make critical enhancements to the Downtown neighborhood, rejuvenating a high-traffic corridor for residents to shop, gather, and enjoy public events.”
“I am proud to see $7 million invested in the City of Paterson to restore, repair, and transform spaces that are vital to our community’s future. This funding will not only preserve our rich history but also create new opportunities for growth, affordable housing, vibrant public spaces, and revitalized landmarks that reflect the heart and soul of our city,” said Assemblywoman Shavonda Sumter (LD-35). “From the Youth Wellness Hub to the Raceway Bridge and the Rogers Locomotive Pavilion, these projects will breathe new life into Paterson, ensuring that our residents, businesses, and future generations can thrive. This is more than an investment in buildings, it’s an investment in the people of Paterson and the bright future we are building together.”
“I am proud to announce NJEDA’s $7 million investment in Paterson that will go towards improving public spaces and streetscapes, creating more affordable housing units, and preserving historic landmarks,” said Assemblyman Al Abdelaziz(LD-35). “These projects will not only boost our local economy and enhance the daily lives of our residents but also attract businesses and visitors while safeguarding Paterson’s rich history for future generations. I am grateful to NJEDA for prioritizing our city and look forward to seeing these transformative projects come to life.”
“I would like to thank the NJEDA for their much appreciated support for revitalization efforts in the City of Passaic. These crucial funds will be utilized to create more affordable housing and rehabilitating public spaces in our city,” said Assemblyman Gary Schaer (LD-36). “Investments like Kol Square Pocket Park and the Passaic City Hall Plaza Deck will create third spaces in our downtown and increase accessibility to housing which are fundamental to the livelihood of the residents of Passaic.”
The following projects that were awarded grant funding include:
City of Paterson ($7 million)
The City of Paterson is supporting the plan to create the Youth Wellness Hub project, located at 59 Spruce Street, to be used as a mixed-use property with 5,000 sq. ft. of commercial storefront space, creating a vibrant streetscape. The New Jersey Community Development Corporation (NJCDC) is developing this project.
The City of Paterson plans to allocate funding for the rehabilitation of a former bar and lounge located at 98 Spruce Street and repurpose it into a mixed-use building with 10 affordable residential units and a ground floor commercial space. The project will be developed by NJCDC.
The City of Paterson will use grant funds to undertake a Building Reuse Study of the Ivanhoe Wheelhouse Building, located at 8 Spruce Street, to determine the future use of this historic property that contributes to the rich, industrial history of the Great Falls Historic District.
Utilizing grant funding, the City of Paterson will complete extensive repairs to the Raceway Bridge, located in Colt Gun Mill Park, connecting pedestrians to the site as well as landscape and interpretive improvements to the park. This project will create public access to this important historical and recreational site.
The City of Paterson plans to utilize grant funding for the Rogers Locomotive Pavilion Project, located at 2 Market Street, to create a metal-frame pavilion over two historic locomotives adjacent to the Paterson Museum. The Pavilion will create an open-air, educational, and interpretive area for museum patrons and visitors.
City of Passaic ($5.7 million)
In partnership with New Horizon Community Action, the City of Passaic will utilize grant funding to rehabilitate an existing, vacant building in the Downtown area. Located at 24 Broadway, the three-story building will include a ground-floor commercial space, and five affordable rental units above.
Grant funding will be utilized to rehabilitate an existing property located Downtown at 287 Monroe Street. The mixed-use building will provide eight affordable rental units and a new commercial storefront.
Kol Square Pocket Park, located at the Main Avenue Bus Station on 1-5 Central Avenue, is adjacent to the current bus station where commuters, downtown shoppers, and residents linger along the corridor. This project will improve a high-traffic downtown public space with new benches, landscaping, and amenities, making it an asset for years to come.
The Main Avenue Triangle Pocket Park, which already serves as the location of annual holiday gatherings, will improve the Northern Gateway to the Main Avenue Corridor and Downtown, and will allow for additional, enhanced programming and public use.
The Passaic City Hall Plaza Deck, located at 330 Passaic Street, will be reimagined through the installation of a stage, speakers, and other amenities. The City Hall Plaza is regularly the site of public events, gatherings, and celebrations, and will be used for further programming following completion.
The Main Avenue & Pennington Avenue Pocket Park project will revitalize a green space at the southern end of the Main Avenue Corridor. The reimagined space will be programmed and serve as a gathering space at the Southern Gateway to the Downtown.
Established in March 2024, the Urban Investment Fund Grant Program provides grants for the revitalization of key commercial corridor areas and real estate projects located in eligible municipalities. Eligible municipalities include Camden, Newark, New Brunswick, Passaic, Paterson, and Trenton, which all rank within the top five percent of commuter-adjusted population and the top five percent of municipal distress based on the 2023 Municipal Revitalization Index. Approved grants may not exceed 80 percent of total project costs for eligible uses, including building rehabilitation projects, building reuse studies, and public space use improvements.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
