$100M in Urban Transit Hub tax credit projects OK’d

TRENTON – The Economic Development Authority approved a total of $100 million in Urban Transit Hub Tax Credits Tuesday to move forward on three residential projects, one for the College Avenue campus at Rutgers University in New Brunswick, and two in Jersey City.

The project at Rutgers, known as the College Avenue Redevelopment project, will receive $33 million in UTH tax credits.

The $300 million project calls for redeveloping 10 acres of property through the construction of student apartments, and some 13,500 square feet of ground floor rental space.

Of the residential space, some 175,000 square feet of space will be for the University Honor College on seminary property.There will be three distinct buildings providing 500 beds for honors students in 250 double-occupancy rooms.

There will also be 130 four-bedroom apartments that will accommodate four students each. Also part of the plan is 380 parking spaces and 25,000 square feet of green space and a plaza that will include a projection screen.

Jersey City

The two projects in Jersey City, which each received $33 million in UTH tax credits, are also residential.

The first project, known as Beacon Redevelopment, calls for redeveloping the Jersey City Medical Center into apartments.

It would convert the center’s two buildings – the 22-floor Criterion and 11-story Hague – into 479 units in total. The residential component of the project would encompass 495,000 square feet. The project also calls for 31,000 square feet of commercial space.

The project is expected to create 318 construction jobs at $83,000 each. It’s also projected to create 27 full-time jobs with each paying an average salary of $33,500 annually.

The other Jersey City project, by Journal Square Associates, is valued at $200 million, and calls for a 10-story, 540-unit residential tower, 180 parking spaces and 3,160 square feet of retail space. It will be located near the Journal Square Transit Center, as part of a planned development.  It is the first part of a multi-phase project, according to EDA documents.  

The EDA also awarded it a 10-year, $33 million UTHTC. It’s anticipated to create 711 construction jobs, with an average $75,000 salary.

$100M in Urban Transit Hub tax credit projects OK’d