NJEDA Aspire Tax Credits Awarded to Support Phase 3 of HELIX in New Brunswick

TRENTON, N.J. (November 17, 2025) – The New Jersey Economic Development Authority (NJEDA) Board recently approved a tax credit award under the Aspire Program for Phase 3 of the New Jersey Health + Life Science Exchange (HELIX) building in New Brunswick. Known as H-3, the proposed development consists of a 42-story, nearly 560,00-square-foot mixed-use tower that will include affordable residential units, commercial office space, specialized laboratories, and housing for Rutgers School of Medicine students.

“The NJEDA Board’s approval of Aspire awards for this next phase of the HELIX represents a key milestone in our ongoing effort to make New Jersey a leader in technological innovation,” said Governor Phil Murphy. “With strong partnerships from institutions such as Rutgers University, the HELIX will accelerate groundbreaking research, help startups expand, and generate sustained economic opportunity across the state.”

The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The HELIX campus, consisting of three separate buildings, will provide 1.5 million square feet of multifaceted, state-of-the-art environments supporting the gamut of health and life science organizations and professions. H-3 will be located directly across from the New Brunswick Train Station, adjacent to a NJ TRANSIT bus stop, in close proximity to Rutgers University, and approximately 15 miles from Newark Liberty International Airport.

“The HELIX exemplifies Governor Murphy’s vision to drive inclusive economic growth and strengthen New Jersey’s position as a national leader in discovery and innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the Aspire Program, the NJEDA continues to support transformative development projects that bring together housing, business, and transit to create vibrant, walkable communities. This award will help expand New Brunswick’s innovation ecosystem while delivering high-quality housing options, new jobs, and long-term economic opportunity for residents.”

The proposed development has four main components, including:

1. Residential: The 298,390-square-foot residential portion will include 265 units, 53 of which will be affordable. The 212 market-rate units will comprise 38 studios, 148 one-bedrooms, and 26 two-bedrooms. The 53 affordable units will include 4 studios, 6 one-bedrooms, 32 two-bedrooms, and 11 three-bedrooms. Amenities include a gym, co-working and lounge spaces, communal kitchen, billiards room, and outdoor terrace.
2. Rutgers WINLAB & ESRG Research Facilities: Rutgers University will consolidate its Wireless Information Network Laboratory (WINLAB) and Energy Storage Research Group (ESRG) into 33,620 square feet of dedicated research space within H-3. These programs will benefit from proximity to campus and adjacency to Nokia Bell Labs’ new Research & Development facility at H-2, enabling enhanced collaboration and accessibility for students.
3. Rutgers School of Medicine Student Housing: H-3 will include 52,304 square feet of purpose-built housing for medical students, creating a living-learning environment that integrates researchers, entrepreneurs, and faculty within the HELIX ecosystem.
4. Commercial Office Space: Additionally, H-3 will include 178,522 square feet of commercial office space that will be leased to Middlesex County to accommodate various County departments and administrative functions.

The Applicant, Downtown HUB Associates III, LLC, which is owned by DEVCO and Pennrose Holdings, LLC, was awarded a tax credit award of up to 80 percent of the total project cost, not to exceed $359.3 million.

“When we created the Aspire program through legislation, we did so with a vision of supporting transformative projects that create jobs, expand housing, and spur long-term economic growth both in New Brunswick and across the state,” said Assembly Speaker Craig J. Coughlin. “The Board’s approval of these awards marks another major step forward for the HELIX project and for New Jersey’s leadership in life sciences and innovation. Together, we are showing the world that New Jersey is open for business and ready to compete, without losing sight of our commitment to our local communities.”

“The HELIX continues to redefine what’s possible for New Brunswick and for our entire state,” said New Brunswick Mayor Jim Cahill. “H3 represents another major step forward in creating a world-class destination for research, innovation, and opportunity. We are grateful for the NJEDA’s continued support and for the strong partnerships with Rutgers University, Middlesex County, DEVCO, and our private-sector collaborators. Together, we are building a place where students, scientists, entrepreneurs, and residents can thrive, and where ideas become breakthroughs that strengthen our community and New Jersey’s economy for generations to come.”

“This region has the potential to become one of the top research corridors in the country, and HELIX is a critical piece of that,” said Rutgers University president William F. Tate IV. “Grateful to Governor Murphy, the Legislature, the EDA, and our local leaders for making this happen. Rutgers is excited to add leading-edge technology, energy, and biomedical discovery to this space, and to deepen our partnerships with the state’s public and private sectors.”

“By the end of 2028, the HELIX will encompass 1.5 million square feet, representing an investment of over $2 billion. More than 4,000 people will be researching, working, living, and learning as part of this dynamic ecosystem,” said New Brunswick Development Corporation (DEVCO) President Chris Paladino. “It will be a place where creative collisions spark new companies, drive innovation, and fuel growth across New Jersey’s economy, exceeding even our highest expectations.”

The first phase of the HELIX was approved for Aspire tax credits in 2023, and the second phase, with Nokia Bell Labs as its main tenant, was approved for Aspire tax credits in March 2025.

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. 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.

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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