The New Jersey Economic Development Authority (NJEDA) Board has approved a mixed-use residential development project in Newark for Aspire tax credits. The project, known as The Metropolitan, will create 207 residential units, including 67 affordable housing units.
“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 include dedicated retail space aimed at attracting diverse businesses. Located at 260-272 Washington Street in Downtown Newark, the project was approved for up to $74 million in Aspire tax credits, covering 60 percent of the eligible project costs totaling $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.”
“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 New Jersey.”
The Metropolitan will be a 23-story high-rise featuring 4,000 square feet of retail space on the ground floor targeted toward BIPOC businesses. Additionally, tenants can participate in the Good Neighbor Program which offers rent credits for volunteering at local nonprofits.
Newark Mayor Ras J. Baraka commented on the project's contribution: “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.”
The applicant comprises a partnership between The Hanini Group LLC (75 percent stake) and Shift Catalyst (25 percent stake). Notable projects by The Hanini Group include Hahne & Co., Hotel Indigo, and The People’s Bank Building.
Aspire is a place-based economic development program under New Jersey's Economic Recovery Act of 2020 designed to support mixed-use developments with tax credits where financing gaps exist. Projects must certify they meet commitments before receiving tax credit disbursements.
For further information about NJEDA's Aspire program rules including eligibility requirements can be found on their official website.
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