Riverton project will transform long-dormant brownfield property into bustling riverfront community

TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved Aspire tax credits for a mixed-used, riverfront development in Sayreville that represents more than two million square feet of newly-constructed residential and commercial space, including 1,300 new residential units, 20 percent of which will be designated as affordable. The project is associated with over $1 billion in private investment.

The development, known as Riverton, is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of eligible projects costs, not to exceed $400 million in total. Riverton is the first transformative project, and first project overall, that was approved under the new Aspire rules, which the NJEDA adopted in November. To date, the NJEDA Board has approved a total of $694 million in Aspire awards for residential projects, which will create 1,800 housing units and $271 million for a commercial transformative project under the prior rules.

“With today’s approval, Sayreville is poised to undergo a tremendous renaissance, which will bring new housing, jobs, retail, and recreation that will benefit the entire community,” said Governor Phil Murphy. “The Aspire Program continues to drive critical investments that support economic growth in communities across New Jersey.”

“Aspire’s flexible design had enabled us to support this long-anticipated project, which will transform a vast tract of land that had been rendered unusable many years ago, and once rehabilitated, in ways that will reinvigorate Sayreville, create jobs for the local community, and improve quality of life for Riverton tenants and residents of nearby areas,” said NJEDA Chief Executive Officer Tim Sullivan. “This is exactly the sort of thoughtful, impactful investment the legislature and Governor Murphy hoped to attract when creating the Aspire Program.”

Sayreville Seaport Associates Urban Renewal, L.P. is the applicant of the Riverton project, which is advancing at the culmination of a nearly 20-year efforts to remediate the former industrial site. In addition to the residential units which comprise over 1.2 million square feet, the development will include nearly 800,000 square feet of commercial and retail space. It will also generate additional public amenities, to include a public Waterfront Promenade, to which Sayreville residents and the general public will have access. The walkway will feature Heroes Walk (exhibits and installations honoring Sayreville’s veterans), along with lighting, seating areas, gathering spaces, enhanced landscaping, and an open-air amphitheater; on-site spaces for municipal offices, and two designated open-air performing arts venues.

“Today’s Aspire announcement is yet another example of how thoughtful economic development incentives can advance transformative projects that both improve our environment and lift our communities,” said Commissioner of Environmental Protection Shawn M. LaTourette. “This vast former industrial site will soon become a new hub of economic activity and point of community pride that reconnects the residents of Sayreville and Middlesex County with their Raritan River waterfront. My DEP colleagues and I congratulate the NJEDA on this important milestone and applaud Governor Murphy and our Legislature for the vision and leadership that will ensure the revitalize this brownfield site and others across the Garden State.” 

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. All residential Aspire projects containing newly-constructed units must include at least 20 percent affordable housing. 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.

“This mixed-use development project will be exactly the sort of economic boost the Sayreville Seaport area needs, and will bring economic renewal and vitality to the entire riverfront,” said Senator Joseph F. Vitale. “I can’t stress enough just how important the NJEDA and the Aspire programs have been to residents and how they continue to allow us to rehabilitate viable land areas to pursue solid, sustainable commercial development and housing for the future.” 

“I’m so pleased to see this plan come to life for the residents of Sayreville and our entire region,” said Assembly Speaker Craig J. Coughlin. “This has been a model of local and state government working together to benefit the community with environmental remediation and economic development. After decades of this land sitting vacant and unsafe, this strategically-located project will serve as an economic engine for the area, broadening the tax base and providing high-quality, affordable housing for generations to come.”

“It is rewarding to see good governance at work in Sayreville thanks to the ongoing success of the Aspire program,” said Assemblywoman Yvonne Lopez (D-Middlesex). “The project approved for tax credits today will make use of land that has sat vacant for far too long, turning it into the site of new commercial and living spaces that will spur sustainable economic growth for the local economy. I look forward to the day we break ground on this important, transformative project.”

In line with Governor Murphy 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

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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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, December 19, 2023, 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:                    749 605 651#

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Thursday, December 14, 2023, 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.

TRENTON, N.J. (December 5, 2023) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on a revised set of rules for the Film and Digital Media Tax Credit Program. The program provides transferable credits against corporation business taxes and gross income taxes for qualified expenses incurred during film and digital media production in New Jersey, incentivizing increased production in the state.

WHAT:            The document posted today is a draft of a revised set of rules for the Film and Digital Media Tax Credit Program, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the rules will be effective upon filing with the Office of Administrative Law and the document will be concurrently published for the formal public comment period, as designated by the Administrative Procedure Act.

WHEN:           Feedback must be submitted in writing no later than 3:00 p.m. EST on Tuesday, December 19, 2023. Written feedback can be submitted here.

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. (December 1, 2023) –The New Jersey Economic Development Authority (NJEDA) has issued a Request for Expressions of interest (“RFEI”) to identify specific sites, projects, or assets that are interested in financial support from its planned New Jersey Green Fund (“NJGF”). The RFEI can be found here, with responses due by January 12, 2024.

WHAT: The planned NJGF aims to facilitate an equitable clean energy transition in New Jersey by attracting private capital to enable the State to meet its ambitious clean energy goals while also providing measurable benefits to its Overburdened Communities. The NJGF may offer financial products and support to stimulate larger private capital investments for, and deployment at scale of, clean energy technologies within New Jersey. This RFEI will help the NJGF identify parties interested in accessing at least $5 million capital from NJGF for projects primarily located in the State. Projects and assets may fall within the priority categories of clean energy generation and storage, zero-emission transportation, building decarbonization and resiliency, or any other topic related to achieving the State’s clean energy goals. 

WHEN: Responses to the RFEI must be submitted via email to NJGFrfei@njeda.gov no later than 5:00 p.m. ET on January 12, 2024. Questions regarding the RFEI process or content may be submitted via email no later than 5:00 p.m. ET on December 15, 2023.

WHO: Potential Respondents to the RFEI may include but are not limited to: 

  • Property owners 
  • Real estate developers 
  • Renewable energy developers & operators  
  • Financial institutions  
  • Corporations 
  • Non-profit organizations 
  • Venture and private equity groups
  • Community-based organizations, including those representing Environmental Justice Communities  
  • Other private entities 

Respondents can submit multiple proposals to the RFEI, or include reference to multiple projects in one comprehensive proposal. Please note, providing a response to this RFEI is not a formal application for funding nor a binding intent to pursue investment opportunities that may be made available through the NJGF in the future. Future opportunities will be made available for Respondents and other members of the public to apply for NJGF funding regardless of whether they respond to the RFEI.

About the NJEDA and the NJGF

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, which include several programs that finance clean energy investments. Building on NJEDA’s track record of supporting the growth of clean energy technologies, Governor Murphy and the State legislature allocated capital in the FYE ‘24 Budget to the New Jersey Green Fund (NJGF), which is currently being organized within NJEDA to invest in clean energy projects in the State.

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.

Working capital loans with competitive interest rates and no collateral requirement will support New Jersey small businesses

TRENTON, N.J. (November 28, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced the opening of the NJ Capital Access Fund. The fund will leverage Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to offer a working capital loan product that will better serve New Jersey-based small businesses. The NJEDA-designated fund manager, Calvert Impact, will utilize and match NJEDA’s $50 million investment with State Small Business Credit Initiative (SSBCI) funding for a $100 million fund that supports a New Jersey loan participation program. The SSBCI funds, matched with raised private capital, will be used to purchase up to 80 percent of every eligible loan by participating community lenders.

“The NJ Capital Access Fund serves as a testament to Governor Phil Murphy’s unwavering commitment to supporting New Jersey small businesses by increasing access to much-needed capital in the wake of the pandemic and recent inflationary pressures,” said NJEDA Chief Executive Officer Tim Sullivan. “This program, which is being administered by Calvert Impact on behalf of the NJEDA, will bolster community lending infrastructure and provide a streamlined path for small businesses in need of loans, helping revitalize a core component of our state’s diverse economy.”

The NJ Capital Access Fund was designed by the NJEDA to meet the needs of small businesses and nonprofits throughout New Jersey and to help serve a larger amount of New Jersey businesses by leveraging a technology platform through the Community Reinvestment Fund, USA. The Capital Access Fund will work alongside six CDFI partners to offer working capital loans up to $250,000 to businesses that have been operating for at least 12 months, with a revenue of $10 million or less and fewer than 50 employees. The loan program will offer flexible features, including no minimum credit score or collateral requirements, terms from 36 to 60 months, low fees to borrowers, and competitive fixed interest rates. Full details, including eligibility requirements and pre-applications, can be found here.   

Calvert Impact is a nonprofit organization primarily focused on financing sectors ignored by mainstream capital markets and has been supporting community and economic development organizations for nearly 30 years. With proven experience in the creation of financial products that meet the specific needs of underserved and underbanked communities, Calvert Impact’s work supported over 231,000 small businesses in 2022, which have created or maintained more than 905,000 jobs.

“Small businesses across New Jersey deserve access to capital to support their continued growth,” said Beth Bafford, Calvert Impact’s Vice President of Strategy. “We are excited to partner with NJEDA and our CDFI partners to bring this innovative public-private partnership to New Jersey’s smallest businesses, which are vital to the character of their communities and the vibrancy of their local economies.”

Financing for the NJ Capital Access Fund is allocated from $255 million in federal SSBCI capital allotted to the State of New Jersey by the United States Department of the Treasury. The NJEDA is utilizing the funding to create six programs that provide financial assistance to small and micro businesses in New Jersey. More information on SSBCI-funded programs can be found here.

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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Small businesses encouraged to take advantage of the Small Business E-Commerce Support Program to develop website, marketing plan & implement online ordering

TRENTON, N.J. (November 21, 2023) – Earlier this year, the New Jersey Economic Development Authority (NJEDA) launched a new $4 million pilot program that provides free e-commerce and digital marketing consulting services to New Jersey small businesses. Since the Small Business E-Commerce Support Program launched, the NJEDA has connected 152 small businesses to consulting firms, representing over $1.1 million in assistance. To date, 76 percent of the funding has supported minority-owned small businesses. The program aims to help small businesses adapt to the growing e-commerce economy, which has boomed since the pandemic.

“Under Governor Murphy’s leadership, New Jersey has prioritized small businesses by investing in resources to help them succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business E-Commerce Support Program has already begun to help businesses with their digital marketing needs and the NJEDA is prepared to help even more ‘mom and pop’ businesses statewide modernize their services, expand their clientele, and stay competitive in the evolving e-commerce economy. I urge small business owners up and down the Garden State to take advantage of this program so that they can expand their e-commerce services at no cost.”

The program offers up to $11,400 in consulting services to eligible restaurants, retailers, and personal care businesses to assist with web page design and development, online ordering implementation, online appointment booking implementation, e-commerce design and development, and online marketing plan development. Restaurants and personal care businesses can receive up to $11,400 in consulting services, while retail stores can receive up to $10,800.

Francis Henri, a baby boutique located in Westfield, was able to launch a brand-new website with the services provided by the Small Business E-Commerce Support Program. The baby boutique sells high quality clothing and accessories from international brands in Europe, the United Kingdom, and Australia. On the businesses new website, customers can browse, shop, place orders, and have it shipped nationwide.

“With the help of the NJEDA’s Small Business E-Commerce Support Program, we have a brand-new, highly professional, user-friendly website that will help us grow our business,” said Francis Henri owner Katherine Oyer. “Our consultants were so patient and diligent and asked the right questions to ensure our needs and priorities were met. I cannot think of anything they could have done differently to make us happier.”

The Small Business E-Commerce Support Program also helped Robin’s Nest Restaurant revamp their website. Although the Mount Holly-based restaurant, bakery, and catering service had a well-constructed website, the consulting firm helped the business add Google search words and social media to their website in order to increase traffic, and the owners learned how to use analytics to track success.

“We were fortunate enough to be included in the NJEDA’s highly beneficial Small Business E-Commerce Support Program,” said Audrey Winzinger, Marketing Manager of Robin’s Nest Restaurant. “We were paired with a consulting firm that was able to help us promote the three distinct aspects of our business – restaurant, catering, and bakery. The services provided were worth thousands and will serve us well for years to come. We are grateful to the NJEDA for the opportunity.”

Through a competitive selection process, the NJEDA has contracted with seven consulting firms to provide e-commerce and digital marketing services to small businesses until the funding is exhausted. Interested businesses should contact the consulting firm of their choice directly.

The firms include:

Small businesses interested in the program can click here to learn more.

This program is funded by the Main Street Recovery Finance Program, which was established under the New Jersey Economic Recovery Act of 2020 (ERA). The ERA created over 15 programs, including the $200 million Main Street Recovery Program. Since the Main Street Recovery Program launched in October 2021, the NJEDA made nearly 4,000 approvals for grants, loans, and technical assistance for small businesses totaling $132 million. 45 percent of Main Street funding has supported minority- and/or women-owned small businesses. The Small Business E-Commerce Support Program is the fifth pilot program the NJEDA approved under the Main Street Recovery Finance Program.

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.

TRENTON, N.J. (November 21, 2023) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $20 million pilot program to support rising real estate developers. The Emerging Developer Fund will help developers gain access to capital and build additional capacity to expand their existing portfolio.

Access to capital for small-scale developers in the real estate development industry continues to be a challenge. These barriers are due to predatory lending, excessive carrying costs, and predevelopment expenses a developer may encounter. These predevelopment costs are necessary for the developer to incur before they can seek short-term construction financing. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that do not have the capital to cover soft costs.

“Rising developers must be part of the process as we strengthen and build up underserved New Jersey communities,” said Lieutenant Governor Tahesha Way. “The NJEDA’s Emerging Developers Fund is in line with Governor Phil Murphy’s vision for a more accessible and equitable economy and a stronger Garden State.”

The Emerging Developer Fund will provide grants of up to $200,000 to assist small-scale developers with up to 50 percent of their pre-development soft costs. 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. The creation of this program will address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.

“As we work to revitalize communities across the state, we must ensure new, emerging developers have access to the same opportunities and advantages in order to create an inclusive economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Emerging Developer Fund will better position small-scale developers to grow and succeed, which will ultimately help build stronger communities. The program’s focus on developers in underserved communities underscore’s Governor Murphy and Lieutenant Governor Way’s commitment to creating a stronger, fairer economy and improving the lives of hardworking New Jerseyans.”

“The Emerging Developer Fund aligns with DCA’s mission of strengthening communities through the talent, vision, and energy of all stakeholders, including small-scale developers,” said Jacquelyn A. Suárez, Acting Commissioner of the New Jersey Department of Community Affairs (DCA). “We applaud the NJEDA and its Board for establishing a program to help emerging developers build their business and invest in aspiring communities.”

“Under Governor Murphy’s leadership, New Jersey is taking proactive strides to empower developers from a wider range of backgrounds. The Emerging Developer Fund will further the administration’s efforts to break barriers and foster growth,” said New Jersey Housing and Mortgage Finance Agency Executive Director Melanie Walter. “Together, we’re shaping a brighter future for our communities, one development at a time.”

Projects located in Opportunity Zones or in a Government Restricted Municipality (GRM) will receive an additional $50,000 bonus, increasing its award to $250,000. There are 169 designated Opportunity Zones and three GRM’s, including Atlantic City, Paterson, and Trenton.

“This latest initiative by the New Jersey Economic Development Authority demonstrates how government can execute with intentionality to expand participation in our state’s economy,” said John E. Harmon. Sr., Founder, President & CEO, African America Chamber of Commerce of New Jersey (AACCNJ). “The Emerging Developer Fund is a forward-thinking strategy to improve New Jersey’s competitiveness.”

“The Emerging Developer Fund is a groundbreaking initiative for underrepresented developers in New Jersey. It provides access to vital capital and opens up opportunities to expand their portfolio and contribute to economic growth in our communities,” said Carlos Medina, President/CEO Statewide Hispanic Chamber of Commerce of NJ (SHCCNJ).

Soft costs eligible to be covered by the program include, insurance costs, legal fees, utilities, property taxes, construction drawings, and design fees. Costs associated with purchase of property or construction are not eligible.

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

TRENTON, N.J. (November 17, 2023)– The New Jersey Economic Development Authority’s (NJEDA) Board yesterday approved the adoption of new rules for the Aspire Program aimed to spur development and increase affordable housing in communities across the state. The rule changes include increased per project caps, expanded eligibility for transformative projects, and increased affordability controls for residential units. The Aspire Program is a gap financing tool to support commercial, mixed-use, and residential real estate development projects.

“Since launching, the Aspire Program has supported innovative commercial projects like HELIX and affordable and mixed-income residential developments in downtowns across the state, including in Newark and Trenton,” said NJEDA Chief Executive Officer Tim Sullivan. “The adoption of these new rules will allow the NJEDA to support even more transformative, mixed-use, transit-oriented development which will help revitalize communities and strengthen our economy. Importantly, the rules will strengthen affordable housing, increasing access to hardworking New Jersey families.”

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. In July, Governor Phil Murphy signed an update to the Aspire legislation in response to changing economic conditions making the program more accessible and able to support more projects that will create jobs and housing across the state.

To date, the NJEDA Board has approved 10 projects for over $500 million in Aspire awards, representing over 500,000 square feet of commercial space, 490 income-restricted units, and 1,040 market-rate units.

The new rules approved by the board include:

Increased Project Awards

In response to spiking inflation, supply chain disruptions and rising interest rates, the new legislation increased caps per project according to the following schedule:

  • 80 percent of eligible costs up to $120 million for Atlantic City, Trenton, and Paterson
  • 60 percent of eligible costs up to $90 million for four percent Low-Income Housing Tax Credit projects, projects in a qualified incentive tract, municipality with an Municipal Revitalization Index score over 50, or an enhanced area
  • 50 percent of eligible costs up to $60 million for all other eligible projects
  • Transformative project caps are subject to the above percentages with a dollar cap of $400 million

Transformative Projects
Transformative projects must demonstrate special economic importance to New Jersey and leverage the state’s mass transit assets, higher education assets, and other economic development assets to attract or retain employers and skilled workers or in targeted industries by providing employment or housing. Transformative projects must meet the following criteria:

  • Minimum project costs increased from $100 million to $150 million
  • Minimum commercial project size remains 500,000 square feet or
    • 300,000 square feet in an enhanced area
    • 200,000 square feet in Atlantic City, Paterson, or Trenton
    • 250,000 square feet for film production studios
  • Minimum residential project size of 700 newly constructed units
  • Minimum mixed-use project of 50,000 square feet plus
    • 200 residential units in Atlantic City, Paterson, or Trenton
    • 300 residential units in an enhanced area
    • 400 residential units in other eligible locations

Affordability Controls
For a project that includes newly constructed residential units, at least 20 percent of the units must be reserved for low- and moderate-income households. These income-restricted units will include a minimum number of three-bedroom units and a maximum number of studios and one-bedrooms ensuring more options for families. They also include more units for very low-income and low-income households with the remainder for moderate-income.

In line with Governor Murphy 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 New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.
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Eight-Story Innovation Hub at Liberty Science Center’s SciTech City Will Drive Industry Growth in North Jersey

JERSEY CITY, N.J. (November 16, 2023) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and SciTech Scity LLC (“STS”), have signed a non-binding letter of intent to form a limited liability company to be called “Edge Works” to develop, construct, and manage an approximately 120,000-square-foot life sciences, health care, and tech innovation hub adjacent to the Liberty Science Center in Jersey City, New Jersey. Pending approval by its Board, the NJEDA intends to invest up to $20 million in Edge Works. Anticipated costs for the Edge Works project totals more than $116 million.

Liberty Science Center is engaged in a large, $450-million expansion to build what will become the 30-acre STS innovation campus located in Jersey City and officially named the Frank J. Guarini Innovation Campus. The eight-story business creation hub of STS, will house laboratories, research & development spaces, office suites, coworking spaces for dozens of start-ups, a tech exhibition gallery, and a state-of-the-art conference center. In addition to Edge Works, SciTech Scity will also include Liberty Science Center High School, a new public STEM high school for Hudson County; and Scholars Village, consisting of 500 units of residential housing for tech-forward families and individuals.

“Edge Works will build upon New Jersey’s legacy as the ‘medicine chest’ of the world by fueling the economic benefits of this and other industries in North Jersey and contributing to our efforts to cultivate the most diverse, inclusive innovation ecosystem in the nation,” said Governor Phil Murphy. “This new hub of innovation will support dozens of promising New Jersey entrepreneurs in the nation’s most ethnically diverse city. In turn, the hub will have access to Jersey City’s unparalleled talent pool, and all the infrastructure, academic, and technological prowess right outside its doors that only SciTech Scity and Liberty Science Center can provide.”

A key focus area of Edge Works is health care and life sciences, particularly a new model of health care that emphasizes prevention and early detection of disease through the development, testing, and adoption of digital home health technology. STS anchor tenant Sheba Medical Center (Sheba), a leading Israeli hospital, will be creating Liberty Science ARC HealthSpace 2030, a “hospital of the future” simulation space on the top floor of Edge Works. Sheba is ranked by Newsweek among the World’s Top 10 Hospitals for the past four years and is an international leader in medical innovation, collaborating with health centers around the globe to develop groundbreaking techniques and life-saving treatments. Edge Works is expected to create nearly 800 construction jobs, and more than 400 permanent positions.

“Edge Works clearly aligns with Governor Murphy’s vision for strategic innovation centers and continued leadership in the life sciences and health care. We are thrilled to work with the STS team to make this promising concept come alive and ensure North Jersey reaps the educational, economic, and job creation benefits of the high-growth life sciences sector,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “The Letter of Intent announced today and the planned investment will help to generate high-quality jobs in the near-term, but also plants the seeds for the career opportunities and economic activity the companies that grow at Edge Works will create long into the future.”

Governor Murphy and Liberty Science Center President and CEO Paul Hoffman were among the leaders that broke ground on the 30-acre, $450 million STS project in October 2021.

“We are grateful to Governor Murphy and the NJEDA for the state’s investment in SciTech Scity,” Hoffman said. “For 30 years Liberty Science Center has inspired the next generation of scientists, engineers, and innovators. We look forward to our expanded mission of starting new companies that use science and technology to address humanity’s greatest challenges and create a better future for all of us. Edge Works and SciTech Scity are guided by the vision that the best way to predict the future is to create it.”

“SciTech Scity is a revolutionary project where we are establishing Jersey City and New Jersey as a premier destination for innovation and collaboration while providing coveted opportunities ranging from public education for our youth to STEM-based jobs to investment and everything in between,” said Mayor Steven M. Fulop, City of Jersey City. “I am incredibly grateful for Governor Murphy’s and the NJEDA’s support, as this funding is vital in moving forward with SciTech Scity and our vision for economic growth.”

“Investments into New Jersey’s robust innovation ecosystem drive our state forward, ensuring we continue to lead the nation in the science, health care, and technology space,” said Assemblyman Raj Mukherji. “Edge Works is an exciting opportunity for both the scientific community and Jersey City. This proposed investment into the innovation hub and partnership with the Liberty Science Center will stimulate the local economy, attract new businesses to our state, and spur further scientific advancements addressing the most pressing issues facing society.”

“We couldn’t be more excited by this announcement,” said Hudson County Executive Tom DeGise. “Edge Works will create the very kinds of research, enterprise creation, and employment opportunities we hope our students attending the new Liberty Science Center STEM High School will seek out and be recruited for in the future.”

Edge Works tenant companies will benefit from STS’ collaboration with colleges and universities to advance real-world applications for cutting-edge science and technology. The 170,000-student and faculty academic ecosystem that STS is bringing together includes Fairleigh Dickinson University, Hudson County Community College, New Jersey Institute of Technology, NYU Tandon School of Technology, Princeton University, Rowan University, Rutgers, the State University of New Jersey, and Stevens Institute of Technology. STS will work with these institutions to showcase their most important innovations and promote their research and talent to the venture capital and corporate innovation communities.

Strategic Innovation Centers, the program through which the NJEDA would collaborate with STS, are facilities that either directly support research and development (R&D), innovation, or entrepreneurship or are aimed at solving specific problems in new and innovative ways through a combination of services such as mentorship, networking opportunities, hands-on training, business support services, education opportunities, and/or access to testing, fabrication, or manufacturing facilities and equipment. The Centers can take many forms such as: accelerators, incubators, research centers, innovative service delivery centers, or multi-tenant innovation clusters. Most have a common goal of being a physical location that brings people together to advance innovation.  They are often focused on a specific industry or around solving a specific problem.  They build a community cluster of like-minded individuals that collaborate on solving a common problem or advancing a common goal. The ability to coalesce entrepreneurs and innovators at a central location often leads to a quicker time to market and greater success.

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

About the SciTech Scity

Liberty Science Center is developing a “Science City of Tomorrow” in Jersey City—a 30-acre innovation campus called SciTech Scity devoted to using science and technology to address humanity’s greatest challenges, from inadequate health care to climate change, and create a better future for all of us.

In addition to the existing Liberty Science Center, home of the largest planetarium in the Western Hemisphere, the first $450-million phase scheduled to start opening in 2025 includes Edge Works, an eight-story business-creation center with laboratories, R&D spaces, office suites, co-working spaces, a tech exhibition gallery, and a state-of-the-art conference center.  Scholars Village, built and operated by Alpine Residential, will provide 500 apartments for innovators, scientists, entrepreneurs, and tech-forward families and individuals. Liberty Science Center High School, a new public magnet STEM high school, will be built by the Hudson County Improvement Authority and operated by the Hudson County Schools of Technology. A three-acre outdoor Public Commons will feature art installations and space for performances, farmers markets, and maker fairs.

Learn more at SciTechScity.com.

About Liberty Science Center

Liberty Science Center (LSC.org) is a 300,000-square-foot, not-for-profit learning center located in Liberty State Park on the Jersey City bank of the Hudson River near the Statue of Liberty. Dedicated to inspiring the next generation of scientists and engineers and bringing the power, promise, and pure fun of science and technology to learners of all ages, Liberty Science Center houses the largest planetarium in the Western Hemisphere, 12 museum exhibition halls, a live animal collection with 110 species, giant aquariums, a 3D theater, live simulcast surgeries, a tornado-force wind simulator, K-12 classrooms and labs, and teacher development programs. More than 250,000 students visit the Science Center each year, and tens of thousands more participate in the Center’s off-site and online programs. Welcoming more than 750,000 visitors annually, LSC is the largest cultural institution in New Jersey and the largest interactive science center in the NYC-NJ metropolitan area.