The New Jersey Economic Development Authority (NJEDA) Board has approved over $17 million in funding for the Local Property Acquisition Grant Program. This initiative aims to support 12 real estate development projects across New Jersey.
NJEDA Chief Executive Officer Tim Sullivan stated, "Since taking office, Governor Murphy has been dedicated to boosting the economic prospects of New Jersey’s communities, creating jobs for local residents, and generating vital tax revenue for municipalities." He added that the program would help advance local economic development by transforming unused real estate into vibrant commercial spaces and community hubs.
First approved in 2023, the grant program is competitive and provides funding to various entities for acquiring vacant sites or buildings. The funding supports acquisitions for strategic public use projects or future development projects such as commercial or mixed-use developments.
The approved projects include:
1. The Township of Verona will receive up to $1 million to create a public parking lot at 46 Lakeside Avenue.
2. The Town of Westfield will receive up to $660,050 for a pedestrian plaza/pocket park at 200 South Avenue West.
3. Camden Repertory Theater Community Development Group will receive up to $483,400 for a mixed-use project at 918 Broadway.
4. Carteret Redevelopment Authority will receive up to $1,547,500 for a mixed-use development on Roosevelt Avenue.
5. Chicken Bone Beach Historical Foundation Inc. will receive up to $1,824,569 for a cultural arts center in Atlantic City.
6. The Town of Clinton will receive up to $2,409,108 for commercial development at 19 West Main Street.
7. Greater Bergen Community Action, Inc. will receive up to $2,601,155 for a multi-purpose building at 106 Somerset Street.
8. The Town of Hammonton will receive up to $544,663 for potential restaurant or retail space at Central Avenue.
9. Ideal Education A NJ Nonprofit Corporation will receive up to $703,000 for a food market and aquaponics facility in Atlantic City.
10. Institute of Music for Children will receive up to $257,730 as part of campus expansion in Hillside.
11. Paterson Habitat for Humanity Inc. will receive up to $988,500 for affordable housing units on Spring Street.
12. City of Trenton will receive up to $4 million for a mixed-use development on West Lafayette Street.
The NJEDA is committed to making New Jersey an inclusive and sustainable model of economic growth by focusing on strategies that build strong communities and create jobs.
For more information about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit their website.
