The New Jersey Economic Development Authority (NJEDA) board approved tax credit awards under the Aspire Program to a residential project in Paterson and a commercial project in Secaucus. The two awards represent a collective investment of $93.1 million.
“Under Governor Murphy’s leadership, the Aspire Program continues to advance New Jersey’s broader economic development strategy by addressing critical financing gaps and supporting projects that strengthen communities and drive inclusive growth,” said NJEDA Chief Executive Officer Tim Sullivan.
“Through meaningful investments in Paterson and Secaucus, today’s approvals expand access to housing, create good jobs and build more resilient communities that will spur economic vitality for generations.”
The Carroll Street Houses Project, the proposed development in Paterson, will include the rehabilitation of 88 fully affordable residential rental units across 10 two-story buildings. The rehabilitation of the units also includes Project-Based Section 8 contracts for rent subsidies.
The redevelopment will also consist of exterior building and interior common area upgrades, as well as the replacement of kitchens, bathrooms and flooring. This project is Paterson’s first approval under the Aspire Program.
Rising Dove Carroll Street Houses, LLC (RDCSH), a co-applicant, will also provide numerous services to residents, including housing assistance and referral services, employment assistance, computer classes, case management and assistance with food programs.
Carroll Street Houses was approved for an award of up to 85% of the project cost, not to exceed $36.6 million. This project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
“Today’s approval of the Carroll Street Houses project under the NJEDA Aspire Program marks a major milestone for Paterson. This investment will revitalize fully affordable homes, create opportunities for our residents and provide essential services that strengthen our community,” said Andre Sayegh, mayor of Paterson.
“I’m proud that Paterson is taking a leadership role in building resilient, inclusive neighborhoods that benefit families for generations to come.”
Meadowlands Logistics Center, LLC, was approved for an award of up to 50% of the total project cost, not to exceed $56.5 million for the development of a modern warehouse facility in Secaucus. The warehouse will include a 40-foot clear ceiling height, 232 trailer parking spaces, 96 loading docks with capacity for an additional 89 docks if needed, four drive-in entrances, 570 parking spaces and integrated office space.
Planned uses for the development include warehouse operations, light industrial manufacturing, logistics and distribution, cold storage, import and export port services, e-commerce fulfillment and a data center. The project will also include community amenities such as a public walking trail, a scenic overlook with dedicated parking, expanded sidewalks and a bus shelter to enhance accessibility.
The property, located at 100 Paterson Plank Road, is identified on the New Jersey Department of Environmental Protection (NJDEP)’s Known Contaminated Site List. Under the recently amended Aspire Program Rules, the development qualifies as an eligible warehouse project, meaning the project is comprised of industrial space that is predominantly used for warehouse distribution or fulfillment centers for which the developer incurs eligible project cost of at least $10 million in environmental remediation costs.
“Today’s approval of the Meadowlands Logistics Center under the NJEDA Aspire Program represents a new era of growth for Secaucus,” said Michael Gonnelli, mayor of Secaucus.
“This investment will not only create jobs and drive economic growth but also enhance our community with new walking trails and improved public spaces.
“I’m proud that Secaucus continues to lead the way in developing modern facilities that support both our economy and our families.”
