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AfroTech’s Inaugural Newark Event Highlights City’s Innovation Community

TRENTON, N.J. (July 11, 2024) – On Friday, June 28, the New Jersey Economic Development Authority (NJEDA) and AfroTech celebrated AfroTech Executive 2024, with over 240 people in attendance. Held during this year’s North to Shore Festival, the event brought together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation.

“AfroTech is just one of many events held during North to Shore that showcased New Jersey’s commitment to diversity and innovation,” said Governor Phil Murphy. “When we bring together corporate executives and entrepreneurs in the City of Newark, one of the birthplaces of American innovation, we do our part in increasing access to economic opportunity and improving the prospects for generational wealth for all New Jerseyans.”

AfroTech brought together executives, entrepreneurs, and investors for vital discussions on innovation, financial literacy, and generational wealth creation. (Photo: AfroTech)

“Under Governor Murphy’s leadership, we have prioritized breaking down barriers to opportunity for minority and women entrepreneurs, especially in the tech and innovation sectors,” said NJEDA Chief Executive Officer Tim Sullivan. “AfroTech exemplifies the NJEDA’s commitment to supporting a diverse innovation economy, which in turn, leads to job creation, thriving communities, and a stronger New Jersey for years to come.”

Held at Prudential Tower in Newark, AfroTech Executive 2024 included two fireside chats and a panel discussion, followed by a networking reception. Award-winning host, social justice advocate, lawyer, commentator, and entrepreneur Angela Rye served as the keynote speaker.

“Our week hosting the North to Shore Festival, and the City of Newark itself are the perfect combination of time and space to showcase the brightest and most spirited African American innovators, investors, makers, moguls, and mavericks,” said Newark Mayor Ras J. Baraka. “Newark is at the crossroad of diversity and next-level technology, making it the ideal location for a dynamic exchange of insights and visions. It’s a thrilling time to be in Newark and we’re proud to be at the center of paradigm-shifting conversations.”

“This was a collaboration which confirmed the possibilities are limitless when you close your eyes to false perceptions and allow the finest minds to intersect with a mutual goal of excellence,” said John E. Harmon, Sr., IOM, Founder, President, & CEO, African American Chamber of Commerce of New Jersey. “I applaud all contributing parties that enabled Afro Tech to happen in the most diverse state in the country. Let’s keep it going.”

“AfroTech Executive 2024 was a great success, bringing together prominent voices in tech and innovation in Newark to discuss breaking down barriers for Black Americans while showcasing technology, entrepreneurialism, and innovation,” said NJEDA Chief Diversity & Inclusion Officer Michelle Bodden. “Conversations like these are essential for our communities and businesses, fostering greater upward mobility for members of the Black community.”

The fireside chat featured Angela Rye, Principal and CEO of IMPACT Strategies Global. (Photo: AfroTech)

The session was moderated by Vaughn Crowe, Managing Partner at Newark Venture Partners, and featured Erica Duignan Minnihan, Founder and General Partner at Reign Ventures. Together, they discussed how diversity is essential in fostering creativity and resilience, explored the innovative economies of New Jersey and the funding opportunities driving them forward.

The second session was a panel exploring practical Artificial Intelligence (AI) applications to streamline workflows, reduce biases, and promote inclusivity. The AI-focused panel included Sam Caucci, Founder and CEO of 1Huddle, Michele Alcazar, Head of HR for Global Technology & Data at Prudential, and was moderated by Daniel Adeyanju, Director of Partnerships at The Knowledge House.

The fireside chat explored the importance of providing funding opportunities and access to fueling an innovative landscape. The chat featured Angela Rye as the keynote speaker and was moderated by Will Lucas, Brand Manager at AfroTech. Rye currently serves as the Principal and CEO of IMPACT Strategies Global, a political advocacy firm based in Washington, D.C. She is a special correspondent on ESPN and was formally a Political Commentator on CNN.

“We are thrilled to have partnered with NJEDA for our AfroTech Executive event in Newark, marking an important milestone in our mission to highlight and foster diverse innovation,” said SVP of AfroTech and Live Events, Simone Tyler. “This event underscored the power of collaboration and the critical need to create economic opportunities that include all voices, driving forward both technological advancements and generational wealth within our communities.”

“Prudential was honored to host this energizing, impactful event at our Newark headquarters during the North to Shore Festival,” said Robert Gulliver, Chief Talent & Diversity Officer at Prudential Financial, Inc. “As an organization committed to attracting, developing, and retaining a diverse, best-in-class workforce supported by an inclusive culture, we applaud AfroTech’s work to connect tech talent with meaningful career opportunities and look forward to continuing our partnership.”

AfroTech Executive 2024 included two fireside chats and a panel discussion, followed by a networking reception. (Photo: AfroTech)

AfroTech Executive 2024 was held during the Newark portion of the North to Shore Festival. The festival is an annual three-week long festival that celebrates New Jersey’s leadership in entertainment, film, innovation, technology with over 300 events across 100 venues in Atlantic City, Asbury Park, and Newark. Last year, the North to Shore Festival drew an audience of nearly 250,000 to more than 300 shows. This year served as the second North to Shore festival, running from June 10th – 30th. To date, the festival has recorded over $7.6 million in ticket sales and is expecting over 250,000 attendees.

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.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, July 17, 2024, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME: NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER: 877-692-8955

PARTICIPANT ACCESS CODE: 4204420

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.

Solar Landscape, LLC will use loan to create jobs, expand access to solar energy in underserved communities

TRENTON, N.J. (June 27, 2024) – The New Jersey Economic Development Authority (NJEDA) recently closed on two loans totaling $10.5 million through the New Jersey Clean Energy Loans (NJ CELs) Program to support expanded solar energy across the state. The two loans were approved by the NJEDA earlier this year.

“The NJ CELs program was developed with the purpose of supporting small businesses and furthering Governor Phil Murphy’s vision for a cleaner, greener Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “With support from this program, businesses such as Solar Landscape can continue to invest in transformative clean energy projects, which will lead to job creation, expanded access to solar energy, and savings for New Jersey residents.”

NJ CELs was created by NJEDA for small businesses seeking to finance clean energy projects, and for the formation or expansion of clean energy businesses that create jobs in the state. NJ CELs will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support minority-, woman-, and veteran-owned businesses to participate in the State’s energy transition. NJ CELs funding comes from the State Small Business Credit Initiative (SSBCI), which was part of the federally funded American Rescue Plan. The Biden Administration recently highlighted New Jersey’s efforts to support climate-focused initiatives through the $80 million NJ CELs program.

“The support for New Jersey’s clean energy economy has grown exponentially under Governor Murphy’s tenure,” said Chief Economic Transformation Officer Kathleen Coviello. “The NJ CELs program will support major clean energy projects and initiatives that will transform communities, boosting our economy and improving our environment across the entire state.”

NJ CELs offers loans of $250,000 to $10 million with a term of one to 25 years. NJEDA loans must be matched at least dollar for dollar with capital from a financial institution.

The recipient of a $10 million loan, Asbury Park-based Solar Landscape, will use the funding to create 185 new field and office jobs in New Jersey over the next five years – in both direct and indirect hires – allowing the company to expand access to clean energy and bring more community solar and energy savings to residents. Solar Landscape will also receive $10 million in funds from M&T Bank, for a total financing amount of $20 million. Solar Landscape develops and operates community solar projects which are hosted on rooftops of buildings owned by the nation’s largest commercial real estate companies. The energy generated by these projects is then distributed to nearby communities, where members of underserved and emerging areas can subscribe to save on their energy bills and aid in the fight against climate change.

“This is a great example of how investment in community solar creates jobs, reduces energy costs and fights climate change,” said Solar Landscape CEO and co-founder Shaun Keegan. “We’re grateful for this collaboration with the Murphy Administration, NJEDA and federal government. By leveraging federal resources in New Jersey, we’re driving the economy forward, improving the lives of residents and advancing clean energy.”

“M&T’s commitment to sustainability is rooted in our mission to make a difference in people’s lives and within our communities,” said Curt Lang, M&T Senior Vice President, Commercial Group Manager

In New Jersey. “We are thrilled to be a part of this important initiative expanding clean energy across the state.”

Amergy Solar, Inc., based in Monmouth Junction, was the first company approved under the NJ CELs program. The company, which is known as a leading provider of solar development and installation services, received a $500,000 loan from the NJ CELs program in January 2024, alongside a $500,000 loan from Columbia Bank. As a NJ certified minority-owned company, Amergy Solar qualified for a supplemental interest rate reduction on the NJEDA’s loan. To date, Amergy Solar has successfully installed solar systems for thousands of homes and various commercial projects in the New Jersey area, including ice rinks, wholesale companies, and sports facilities.

The NJEDA continues to accept applications for NJ CELs. Those considering applying may conduct a preliminary Eligibility Self-Assessment here. Financial institutions interested in offering the benefits of the NJ CELs program to their clients may complete an expression of interest here.

For more information about NJ CELs and how to apply, visit www.njeda.gov/njcels/.

About the NJEDA

TRENTON, N.J. (June 25, 2024) – The New Jersey Economic Development Authority (NJEDA) will close applications for the 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program, on Sunday, June 30th. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.

WHAT: The NOL program supports innovative start-ups by enabling qualified, unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees to sell a percentage of its net operating losses and R&D tax credits. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

Since the program’s inception over 25 years ago, the NOL program has awarded more than $1.95 billion to over 580 innovative companies in New Jersey.

WHEN: Applications will close on Sunday, June 30^th, at 11:59 p.m. No new information can be provided after the deadline. Visit https://www.njeda.gov/nol/ for more information.

About the NJEDA

TRENTON, N.J. (June 24, 2024) – Applications for the New Jersey Economic Development Authority’s(NJEDA) $20 million Emerging Developers Grant pilot program are now open. This program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs.

WHAT: The Emerging Developer Grant program aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.

WHO: The program will support small-scale developers that have completed at least two – but no

more than five – commercial and/or mixed-use properties of similar scope. Developers interested in applying can take an eligibility assessment here.

WHEN: Applications for the program are open and can be accessed here. Applications will be accepted on a rolling basis or until funds have been completely exhausted.

For More Information:

Visit: www.njeda.gov/emerging-developers/

Email: emergingdevelopers@njeda.gov

About the NJEDA

TRENTON, N.J. (June 19, 2024) – The New Jersey Economic Development Authority (NJEDA) and AfroTech have partnered to host AfroTech Executive 2024 in Newark during this year’s North to Shore Festival. The event will bring together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation. Award-winning host, social justice advocate, lawyer, commentator, and entrepreneur Angela Rye will serve at the keynote speaker.

AfroTech Executive 2024 will take place on Friday, June 28, 2024, at 3:00 p.m. at Prudential Tower, 655 Broad St, Newark, N.J., 07102. The event will include two panel discussions and a fireside chat, followed by a networking reception. Click here to learn more and to purchase tickets.

“We are thrilled to partner with AfroTech, which has been dedicated to uplifting the Black community in the tech and innovation sectors. This event will bring together state and national figures for in-depth conversations focused on growing the innovation economy, and advancements in technology amidst the excitement of the North to Shore Festival,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, New Jersey has prioritized supporting minority and women entrepreneurs by ensuring they have equitable access to the tools they need to thrive and succeed. As we continue our mission to grow our diverse innovation economy, it will lead to greater ingenuity, new technologies, good-paying jobs, and a stronger New Jersey for the next generation.”

The first panel, which will be moderated by Vaughn Crowe, Managing Partner at Newark Venture Partners, will explore the diverse innovative economies of New Jersey and the funding opportunities driving them forward. The second panel will explore practical Artificial Intelligence (AI) applications to streamline workflows, reduce biases, and promote inclusivity. The AI-focused panel will include Sam Caucci, Founder and CEO of 1Huddle and Nina Edwards, Vice President of Strategic Initiatives, Global Technology at Prudential.

The fireside chat will explore the importance of providing opportunities and access to fueling an innovative landscape. The chat will feature Angela Rye as the keynote speaker and Will Lucas, Brand Manager at AfroTech, as the moderator. Rye currently serves as the Principal and CEO of IMPACT Strategies, a political advocacy firm formerly based in Washington, DC. She is a special correspondent on ESPN and was formally a Political Commentator on CNN.

“Once again, the Murphy Administration and NJEDA CEO Tim Sullivan have responded affirmatively to a request from the African American Chamber of Commerce of New Jersey to bring AfroTech to our state. This is an opportunity to showcase technology, innovation, and entrepreneurialism at the highest level and there is no better person to lead this presentation than Founder, Aaron Samuels,” said John E. Harmon, Sr., IOM, Founder, President & CEO, African American Chamber of Commerce of New Jersey. “Lastly, there is always an opportunity to have a thought-provoking discussion on issues that matter to individuals, businesses, and communities that have not had access to the transformational components of society, and this too will be a part of AfroTech. This is truly a must attend event.”

“The Murphy Administration has long been committed to supporting diverse entrepreneurs, which is good for our communities, our state, and our nation,” said Michelle Bodden, NJEDA’s Chief Diversity & Inclusion Officer. “This incredible event will bring prominent voices together in Newark to discuss ways we can continue breaking down barriers for the Black community and ensure they can reap the benefits of New Jersey’s growing innovation economy.”

AfroTech Executive 2024 will be held during the Newark portion of the North to Shore Festival. The festival is an annual three-week long festival that celebrates New Jersey’s leadership in entertainment, film, innovation, technology with over 300 events across 100 venues in Atlantic City, Asbury Park, and Newark. Last year, the North to Shore Festival drew an audience of nearly 250,000 to more than 300 shows. This year serves as the second North to Shore festival, running from June 10th – 30th. To date, the festival has recorded over $7.6 million in ticket sales and is expecting over 250,000 attendees.

About the NJEDA

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Analysis finds North Brunswick incubator has been an integral resource for New Jersey’s life sciences sector and a driver of the state’s overall economy

NORTH BRUNSWICK, N.J. (June 18, 2024) – The New Jersey Economic Development Authority (NJEDA) today released findings from the NJ Bioscience Center Incubator (BCI) IMPACT Study, a report seeking to understand and quantify the economic impacts of the incubator and the companies it has hosted and nurtured. The results found that BCI has been a vital resource for New Jersey’s life sciences sector and has had a positive impact on the state’s overall economy in terms of job creation, tax revenue, and total economic output.

The Incubator at North Brunswick is part of the 50-acre research park known as the New Jersey Bioscience Center, located on Route 1. The Incubator offers lab space starting at 900 square feet up to 1,300 square feet, conference rooms, loading docks, glass washing, autoclaves, and private offices. The space creates an environment for entrepreneurs to collaborate and develop a natural synergy. Additionally, companies have access to support services including venture capital training events and one-on-one office hours led by experienced life sciences professionals.

The IMPACT Study found that from 2019 to 2023, BCI supported companies which have created an average of 2,744 jobs per year, and in 2023, the resident companies generated $32 million in state and local tax revenue. Since 2002, BCI companies have generated over $9 billion in total output and $4 billion in total labor income in New Jersey. The full impact study document is available here.

“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “Since taking office, Governor Phil Murphy has been committed to creating resources for biotech startups to help bring life-saving products to market, and further New Jersey’s legacy as a leader in innovation, especially within the life sciences sector. The report released today clearly demonstrates how the Incubator is supporting early-stage biotech and life sciences businesses, providing them with the ecosystem, space, and resources needed to scale their operations.”

The report was conducted by BJH Advisors and East Egg Project Management. As part of the study, 18 graduates and current tenants of BCI were interviewed and unanimously agreed that the incubator contributed to the success and growth of their companies, with factors pointing towards BCI’s staff, resources, and programming, in addition to the facility’s space and equipment.

Of the 96 companies that have graduated from the incubator since 2002, 50 percent continue to operate their headquarters or maintain a presence and employment in New Jersey. Notable successful companies that have graduated from the incubator include Amicus Therapeutics, GENEWIZ, and Advaxis, now known as Ayala.

“The BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses and start-ups by providing them with the space and resources to grow their companies, while encouraging collaboration among like-minded entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This report shows that New Jersey has what it takes to remain at the forefront of innovation.”

New Jersey is home to 14 of the world’s 20 largest pharmaceutical companies and more than 400 biotechnology companies. The life sciences industry employs 115,000 people in the state and has one of the country’s largest concentrations of science and engineering talent anywhere in the world. Middlesex County has the largest life sciences workforce in New Jersey, at over 11,200 people.

About the NJEDA

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Will create much-needed housing, support local economy

TRENTON, N.J. (June 17, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a mixed-use residential development project in Newark for Aspire tax credits. The project, known as The Metropolitan, will create 207 residential units, 67 of which will be affordable.

“Thanks to Aspire’s flexible design and Governor Murphy’s commitment to reinvigorate communities, mixed-use projects will help spur development in neighborhoods across the state and create good-paying jobs. The added bonus of The Metropolitan’s downtown location and proximity to several major transit options makes it ideal for families and commuters,” said NJEDA Chief Executive Officer Tim Sullivan. “The development will help generate economic activity in the neighborhood, with dedicated retail space aimed to attract diverse businesses and clientele. With this latest approval, the Aspire Program continues to support the expansion of affordable housing, while creating stronger communities.”

The project, located at 260-272 Washington Street in Downtown Newark, was approved for up to $74 million in Aspire tax credits, which represents 60 percent of eligible project costs of $123.8 million.

“When we created the Aspire Program, it was designed with the intention of producing projects like the Metropolitan that benefit Newark families and commuters alike through job creation, transportation access, affordable housing, and business empowerment,” said Senate Majority Leader M. Teresa Ruiz (D-Essex/Hudson). “This forward-thinking project is an exciting step forward in revitalizing downtown Newark in an inclusive, innovative way that respects the unique needs of our community. Its careful consideration for promoting equity in redevelopment will greatly benefit Newark residents and bring new visitors to our growing downtown.”

“The Metropolitan embodies the spirit of the Aspire program,” said Assemblywoman Eliana Pintor Marin (D-Essex/Hudson). “It is our commitment to ensure that all residents have access to quality, affordable homes. As sponsor, I am proud to see the impact it is having in fostering economic growth and community in Newark and across the state of New Jersey.”

The Metropolitan will be a 23-story high-rise with 4,000 square feet in retail space on the ground floor. The retail component will be specifically targeted toward BIPOC businesses, helping to spur local economic activity in this area.

Additionally, the project intends to incorporate the Good Neighbor Program, which will allow tenants to receive credits toward their rent in exchange for volunteering at a local nonprofit organization in Newark.

The Applicant has demolished the site’s existing buildings but will retain the historic façade on the new development. The location is within walking distance of Newark Penn Station, the Newark Light Rail, and several bus stops.

“This mixed-use residential development project contributes to many of our goals: revitalizing our downtown, offering more affordable housing for our residents, and helping to strengthen our economy,” said Newark Mayor Ras J. Baraka. “With a nod to our past, this development project also retains historic features of the previous building’s façade and with eyes on our future, it encourages tenants to give back to Newark as volunteers with incentives connected to its partnership with the Good Neighbor Program. This is a win-win for our city. I thank the New Jersey Economic Development Authority, the Hanini Group, Shift Catalyst, and their partners for creating this project. They and the tenants who will live and volunteer here are what make us Newark and proud of it!”

The applicant is comprised of a partnership between The Hanini Group LLC, with a 75 percent stake, and Shift Catalyst, with a 25 percent stake. The Hanini Group and its affiliates have been a significant player in downtown Newark. Some of its notable projects include Hahne & Co., Hotel Indigo, and The People’s Bank Building in Passaic.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly. The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn

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TRENTON, N.J. (June 14, 2024) – The Murphy Administration today unveiled a legislative proposal that would direct the New Jersey Economic Development Authority (NJEDA) to purchase up to $100 million in property from NJ TRANSIT to help expand commuter hubs across the state and meet a variety of critical needs. Under the proposal, the NJEDA would purchase a number of NJ TRANSIT properties, such as surface parking lots, and transform them into mixed-use, transit-oriented developments that will spur economic activity and increase walkability near transit lines while also creating a direct revenue source for the mass transit agency.

“Investing in transit-oriented development will revitalize commuter hubs, promote walkable neighborhoods, and improve overall affordability for working families in New Jersey, and potentially generate much-needed, new, affordable housing,” said Governor Murphy. “Together with our partners in the Legislature, we can transform communities around NJ TRANSIT rail stations, help spur economic activity across the state, and generate new revenue to support the operation of NJ TRANSIT, which has been forced to contend with a shift in ridership trends in the wake of the pandemic.”

Under the proposed legislation, which has already garnered legislative support, NJEDA, in partnership with NJ TRANSIT, would identify a portfolio of properties to be purchased by NJEDA who would then market the properties as a portfolio to be bid on for purchase or lease by developers, either as a whole or individually. To facilitate the purchase, the State would allocate a portion of the proposed Corporate Transit Fee’s first-year proceeds to fund the NJEDA’s purchase of the properties.

“Providing NJ TRANSIT with a long-term funding source is critical to ensure the agency can continue providing safe and reliable transportation options for New Jersey’s residents and commuters,” said Senator Patrick Diegnan. “I appreciate Governor Murphy, NJ TRANSIT, and the NJEDA working together to come up with a solution that will not only enhance NJ TRANSIT’s financial viability but will also support the revitalization of communities through transit-oriented development.”

“This is a win-win. NJ TRANSIT needs cash, these lots could use repurposing, and our state needs more affordable housing and transit-oriented development,” said Senator Raj Mukherji.

“Transit is vital to District 37, with thousands of our residents relying on it every single day. It’s important that we leave no stone unturned to ensure the health and stability of this agency in the future,” said Assemblywoman Ellen Park.

“Mercer County is home to four NJ TRANSIT stations and the Trenton Light Rail. We understand the importance of quality transit to the economic success of our communities. Having the NJEDA manage the development of these valuable properties in cooperation with our towns will ensure that it’s a win-win for taxpayers, commuters, and smart planning,” said Mercer County Executive Dan Benson.

“Under Governor Murphy’s leadership, communities across New Jersey are being transformed by major transit-oriented development projects,” said NJEDA Chief Executive Officer Tim Sullivan. “The legislation proposed today would empower the NJEDA to expand our efforts to revitalize neighborhoods and drive mixed-use property development. Transit-oriented real estate projects along NJ TRANSIT rail stops will advance the renaissance of neighborhoods and improve quality of life by creating new job opportunities and modern housing options for families and commuters.”

In addition to the upfront payment to NJ TRANSIT for the properties, the transit agency stands to reap many ancillary benefits from catalytic development in the vicinity of transit hubs, and potentially a recurring revenue stream if the properties are leased, rather than purchased, all of which would enhance its long-term financial viability.

“Governor Murphy’s plan to accelerate transit-oriented communities around NJ TRANSIT properties through immediate funding reinforces a forward-thinking approach to sustainable development,” said NJ TRANSIT President & CEO Kevin S. Corbett. “This funding will drive economic growth, increase walkability, and provide ongoing financial support for NJ TRANSIT.”

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.

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1888 Studios, developed by Togus Urban Renewal, will feature 23 soundstages and 58 total acres of production facilities

TRENTON, N.J. (June 12, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved tax credits under the Aspire Program for 1888 Studios in Bayonne. The studio, developed by Togus Urban Renewal, will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.

“With support from the NJEDA’s Aspire program, the development of transformative projects across the Garden State is revitalizing communities and creating thousands of good-paying jobs,” said Governor Phil Murphy. “The development of 1888 Studios in Bayonne furthers my administration’s goal of establishing the state as a leader in movie and television production, helping small businesses and municipalities reap the benefits of local production.”

“1888 Studios exemplifies the type of projects that are being attracted to New Jersey by Governor Murphy’s support for film and digital media production. The incomparable resources and logistical and artistic assets New Jersey offers are contributing to the industry’s momentum in the state, creating thousands of jobs, and enhancing the revitalization of communities and small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s approval under the Aspire Program ensures the continued development of this transformative project, which will provide countless opportunities for the city of Bayonne and further New Jersey’s standing as a national leader in film production.”

1888 Studios is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of the total project cost, not to exceed $400 million. The development will contain 17 buildings encompassing over 1.5 million square feet of end-to-end film production services, including 23 mega-powered smart sound stages ranging from 18,000 to 60,000 square feet with 40- to 50-foot-high ceilings, more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities, a parking garage, and storage.

In addition to the studio space, the development will also include over five acres of public space, featuring a waterfront walkway adjacent to the Newark Bay and a public park. Construction is expected to be completed in 2026.

In May, the NJEDA designated 1888 Studios as a Film-Lease Partner Facility, which commits the developer to occupying the facility for at least five years and grants future tenants eligibility to apply for increased tax credits for projects filmed at the facility under the Film and Digital Media Tax Credit program.

“Today’s announcement is the affirmation of 1888 Studios’ ability to hasten and secure the transformation of New Jersey’s film industry from a regional leader to a global powerhouse. Governor Murphy and the state legislature equipped the NJEDA, under the leadership of Tim Sullivan, with the Aspire economic development tool to identify and evaluate capital projects of strategic significance to New Jersey’s economic future. We are grateful that the culmination of the Agency’s extensive analysis of the 1888 Studios project is approval to earn Aspire credits over time as we build with New Jersey’s excellent construction crews and suppliers a facility that will serve as a powerful force of attraction for the film industry’s direct investment, technological innovation and job creation for thousands of New Jerseyans,” said Arpad “Arki” Busson, Chairman of Togus Urban Renewal. “Governor Murphy’s ambition to create good paying, lasting jobs in New Jersey communities and diversify the economy across the state remains the driving force behind the film industry’s expansion, which now includes the realization of 1888 Studios. New Jersey’s film industry growth strategy, centered on competitive film, television and digital media tax credits and the development of production facility infrastructure, continues to deliver enviable results in a challenging, competitive environment. On behalf of 1888 Studios, we are enormously honored to have the opportunity to contribute to New Jersey’s long term prosperity, which would not be possible without the support of Governor Murphy, Senator Raj Mukherji, Senator John McKeon, Assemblywoman Eliana Pintor Marin and Mayor Jimmy Davis.”

“The Aspire Program’s support for 1888 Studios not only underscores the transformative potential film will bring to Bayonne, but also what Bayonne will bring to the studio and film industry,” Bayonne Mayor Jimmy Davis said. “NJEDA’s belief in the project and our city is a testament to Bayonne’s growing prominence as a hub for innovation, creativity, and skilled labor.”

About the NJEDA

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