NJEDA’s Real Estate Incentive Programs Continue to Bolster Redevelopment & Housing Across NJ

New approvals under Aspire and HPRP programs will support five redevelopment projects in Essex, Mercer, and Middlesex counties

TRENTON, N.J. (September 19, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved five redevelopment projects for tax credit awards under the Aspire Program and the Historic Property Reinvestment Program (HPRP). The five projects, located throughout Essex, Mercer, and Middlesex counties, will create more than 1,146 housing units, 544 of which will be affordable.

“A key pillar in Governor Phil Murphy’s mission for a stronger and fairer New Jersey includes investing in initiatives that revitalize communities, expand housing options, and promote sustained economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The redevelopment projects approved by the Board will create hundreds of new, affordable housing units, building upon the success and impact the Aspire and HPRP programs have already had in neighborhoods across the Garden State. These are meaningful investments that will build stronger communities and families for years to come.”

The Board approved a combined $24 million in HPRP tax credits to support two projects in Newark. HPRP is a tax credit program established to support rehabilitation projects of identified historic properties in New Jersey, which can be used to leverage the federal historic tax credit program.

QOZB Ellavoz Newark Urban Renewal, LLC was awarded $12 million in tax credits for the complete rehabilitation of 292-306 Martin Luther King Jr. Boulevard in Newark, which was formerly known as St. Michael’s Hospital. The building will include co-living apartments, where individuals can rent private bedrooms while sharing communal spaces, such as a living room and kitchen. The property, which will be marketed towards university students, young professionals, and health care workers, will have 42 co-living residential units with a total of 144 bedrooms. Eight of those units are set aside for affordable housing. The project will also offer a full amenity package that includes interior and exterior lounge space, a fitness room, and a large multi-purpose room with work and gathering space. There will also be commercial and retail space on the first floor.

10 Park Place, also known as the Firemen’s Insurance Company Building in Newark, will undergo an office-to-residential conversion with the support of $12 million in HPRP tax credits, as well as $81 million in Aspire tax credits. The 10-story building, located adjacent to the New Jersey Performing Arts Center (NJPAC), will be turned into a mixed-use building with 196 affordable housing units and commercial retail space on the first floor. The project also includes a complete cleaning and repair of all exterior masonry, as well as new heating, ventilation, and air conditioning (HVAC), electrical, and plumbing systems.

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year. Full details on the program are available here.

In addition to 10 Park Place, the Board approved Aspire awards for projects in East Orange, Trenton, and New Brunswick. Aspire is a gap financing tool to support commercial, mixed use, and residential real estate development projects.

533 Main Street, LLC was awarded more than $297 million in tax credits for a multi-phased, transit-oriented project that entails the new construction of a mixed-income development in East Orange. Located at 533 Main Street, The Crossings at Brick Church Station Phase 1B will be a nine-story building with 420 multifamily rental units, including 84 affordable housing units and 63 workforce housing units. The property will have a common area for residents, as well as retail, restaurant, office, and medical space, and 342 parking spaces. The project is located within an Urban Enterprise Zone (UEZ) and an Opportunity Zone. The Project will also comply with the Energy Star Homes Program included in the New Jersey Housing and Mortgage Financing Agency’s (NJHMFA) Green Standard Requirements, which satisfies NJEDA Green Building Standards. The project is also supported by Low-Income Housing Tax Credits (LIHTC) through the NJHMFA.

Rowan Preservation, LLC was awarded more than $66 million in tax credits for the rehabilitation of an existing residential project in Trenton. Located at 620 West State Street, Rowan Towers will include 196 units, all of which will receive Project-Based Vouchers, consisting of studios, one-bedroom, and two-bedroom apartments. The 15-story building will undergo extensive renovations, including new plumbing, the installation of fire sprinklers and emergency generators, solar panel integration, and HVAC systems in each unit. The units will also be outfitted with new kitchens and bathrooms, vinyl plank flooring, and modern plumbing and lighting fixtures. The building will also include common areas, which will have amenities such as a community room, kitchen space, a reading room and library, restrooms, a laundry facility, a fitness center, a theater and television room, and a vending area. Outdoor recreational spaces, including the basketball court and playground, will also be improved. The Project will also comply with the Energy Star Homes Program included in the NJHMFA Green Standard Requirements, which satisfies NJEDA Green Building Standards. This project is also supported by LIHTC tax credits through the NJHMFA.

11 Spring Street Urban Renewal, LLC was awarded $120 million in tax credits for the new construction of a residential, mixed-use project, located at 11 Spring Street in New Brunswick. The 27-story high rise will have 186 one-bedroom, 102 two-bedroom, and 12 three-bedroom units. Of the 300 units, 20 percent will be set aside for affordable housing.

Aspire is a place-based economic development program created under the 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.

“Once again, the NJEDA delivers the assistance Newark needs to provide our residents the affordable housing opportunities so desperately sought throughout the entire state,” said Ras J. Baraka, Mayor of Newark. “The Aspire Program and HPRP tax credits dovetail with our self-determined mandate to build sustainably and enable adaptive reuse of historic buildings to preserve the city’s chronology, character and culture. We are grateful for this opportunity to infuse the bones of old buildings with the lifeblood of tomorrow and to create dynamic housing ecosystems from landmarks steeped in our history.”

“Rowan Towers has long been home to hundreds of Trenton residents, and this investment ensures that they will see real improvements to their quality of life,” said Reed Gusciora, Mayor of Trenton. “The planned upgrades—from safer infrastructure to new community amenities—will bring renewed vitality to this cornerstone of our city. We are grateful to Governor Murphy, the NJEDA, and all of our partners for recognizing the merit of this effort and helping us continue to build a stronger, more vibrant Trenton.”

“The 11 Spring Street development marks another significant step forward in New Brunswick’s revitalization,” said Jim Cahill, Mayor of New Brunswick. “By bringing additional housing opportunities, including affordable units, into the heart of our City, we are strengthening and enriching our vibrant downtown district and all that it has to offer.”

“Our city stands at a pivotal moment, a chance to honor our past and build our future. It’s not just about bricks and mortar; it’s about building a legacy. We’re weaving together our history and herstory to forge a new destiny for East Orange,” said Mayor Ted R. Green. “These projects aren’t just buildings; they are beacons that will inspire our youth and drive our community forward. We’re doing this with compassion for every neighbor, with the authenticity of who we are, and with the knowledge that our collective strength will make a significant difference in the lives of others”

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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