Translate
Facebook
X
Instagram
LinkedIn
Youtube
MEDIA CONTACT
Press Release
September 13, 2023
3 minute read

Newark Transit-Oriented Housing Development Approved Under NJEDA’s Aspire Program


This marks the third project in Newark approved for Aspire awards

TRENTON, N.J. (September 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits for an additional residential project in Newark under its Aspire Program. The new, mixed-use building was approved for up to $90 million in tax credits, which represents 60 percent of eligible project costs of $150 million. The 14-story building will be located at 81-93 Orange Street in Newark across the street from New Jersey Transit’s Broad Street Station.

To date, the Board has now approved a total of $273.9 million in Aspire awards for residential projects, creating 1,368 housing units – 898, or 60 percent, of which will be affordable. In Newark, three residential projects have been approved for Aspire awards, creating 626 units, of which 206 will be affordable.

“The Aspire Program aims to expand housing options, increase affordability, and create stronger communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Transit-oriented development is an integral part of Governor Murphy’s mission to revitalize neighborhoods and is a key focus of the Aspire Program. The proximity of today’s project to NJ TRANSIT’s Broad Street Station and the city’s downtown makes it ideal for families, commuters, and students and will help create a more prosperous Newark.”

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 must include at least 20 percent affordable housing.

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities and breathing new life into underutilized spaces,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, taking a parking lot and using it to spur economic development. The site will still offer parking, but will also help with housing shortages, providing market rate and affordable units, in addition to retail space, all within walking distance to a major transit station.”

The 14-story high-rise, which will replace a surface parking lot, will be comprised of 350 residential units, 8,500 square feet of retail space, and a commercial parking garage. The units will be a mix of studio, one-, two-, and three-bedroom units. Seventy units will be reserved as affordable units, while the remaining will be market rate.

Residents of 81-93 Orange Street will be able to enjoy a pool, health club, spa, work from home space, and electric vehicle charging stations. The project is strategically located across the street from Newark’s Broad Street Station, giving residents access to NJ TRANSIT train and bus service and the Newark Light Rail.

“This Aspire award helps realize Newark’s Transit Village strategy for building mixed-use developments combining high quality affordable and market housing with retail and commercial space. The Broad Street Station will anchor a vibrant neighborhood and vital transportation hub,” said Newark Mayor Ras J. Baraka. “This is the kind of project that helps realize the dreams of residents to remain in the city they love, and improve their quality of life. The New Jersey Economic Development Authority’s $90 million in tax credits is critical to making this development affordable to Newark residents. All of Newark is grateful for NJEDA’s commitment to our city’s well-being and growth.”

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 FacebookTwitterInstagram, and LinkedIn.

###

SHARE

Related Content

Press Release

October 10, 2024

Adding to Robust Suite of Clean Energy Programs, NJEDA Board Approves Garden State C-PACE Program

TRENTON, N.J. (October 10, 2024) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program.

Press Release

October 9, 2024

NJEDA Expands NJ Cool Eligibility Requirements

TRENTON, N.J. (October 9, 2024) – The New Jersey Economic Development Authority (NJEDA) Board has expanded eligibility requirements for the NJ Cool Program, which provides grants to building owners and tenants undertaking retrofit construction projects that reduce greenhouse gas emissions from existing buildings.

Press Release

October 7, 2024

NJEDA, Kean University & ICIC Partner to Bring National Education Program for Underserved Construction Contractors to New Jersey

TRENTON, N.J. (October 7, 2024) – The New Jersey Economic Development Authority (NJEDA) and Kean University are partnering with the Initiative for a Competitive Inner City (ICIC) to bring Building for Growth (BFG) to the State of New Jersey.