TRENTON – The N.J. Economic Development Authority approved a grant for the Pier Village Hotel project in Long Branch today. The $46.9 million project qualified for up to $8.4 million in state assistance under the Economic Redevelopment and Growth (ERG) Grant Program. The program reimburses state taxes for qualifying projects, in this case over a 20-year period.
The project – whose main owners, Ironstate Holding LLC, have primarily developed in Hudson County – is a five-story, 68-room hotel with mixed-use retail space. It is expected to create 194 full-time jobs, 163 part-time jobs, and 193 construction jobs. Ironstate also owns The Bungalow Hotel in Long Branch and the W Hotel in Hoboken.
The company was also awarded $42 million in Urban Transit Hub tax credits for their joint venture with Kushner Real Estate Group. The two development firms are pairing up (as Grand LHN Urban Renewal LLC) to build Liberty Harbor North, a $140-million, 10-story, mixed-use apartment building in Jersey City.
The project is estimated to create over 600 construction jobs and almost 50 permanent jobs, and the maximum of $42 million in tax credits will be distributed over 10 years.
Earlier this month, Ironstate was also awarded an ERG Grant up to $7.25 million for a hotel the company is constructing in Harrison.