A residential project in Paterson and a commercial endeavor in Secaucus got the green light from The New Jersey Economic Development Authority (NJEDA) Board for tax credits.
The two awards represent a collective investment of $93.1 million. This is Paterson’s first approval under the Aspire Program.
“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,” Sullivan added.
The Carroll Street Houses Project in Paterson
The Carroll Street Houses Project is Paterson’s proposed residential buildings. It will include 88 fully affordable rental units across 10 two-story buildings. The units will be rehabilitated and include Project-Based Section 8 contracts for rent subsidies.
The redevelopment will also include exterior building and interior common-area upgrades, as well as the replacement of kitchens, bathrooms, and flooring. Rising Dove Carroll Street Houses, LLC (RDCSH), a co-applicant, will also provide a range of services to residents, including housing assistance and referrals, employment assistance, computer classes, case management, and assistance with food programs.
Carroll Street Houses was approved for an award of up to 85 percent of the project cost, not to exceed $36.6 million. Low-Income Housing Tax Credits also support this project 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,” the mayor added.
Meadowlands Logistics Center in Secaucus
In Secaucus, the Meadowlands Logistics Center, LLC at 100 Paterson Plank Road, was approved for an award of up to 50 percent of the total project cost, not to exceed $56.5 million.
The development of a modern warehouse facility will include:
- 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
- Integrated office space
- Warehouse operations
- Light industrial manufacturing
- Logistics and distribution
- Cold storage
- Import and export port services
- E-commerce fulfillment
- 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 Meadowlands Logistics Center is a proposed Class A warehouse/distribution development in the heart of the Meadowlands market. The building will be 40′ clear with ample additional trailer parking, including an adjacent trailer lot.
There will be access points on Paterson Plank Road, Westside Avenue, and Park Plaza Drive; the site will have full circulation and multiple access points. Additionally, the site is adjacent to a fiber provider confluence and two electrical substations, offering potential for modern data center users.
For users with specific needs or build-to-suit requirements, the proposed development can be modified.
Located near the junction of Route 3 and the New Jersey Turnpike, the site is just east of Hartz’s landmark Harmon Meadow complex and is the largest undeveloped tract in Secaucus. Hartz acquired the property in 2022 and secured a use variance earlier this year from the New Jersey Sports & Exposition Authority, which governs planning and zoning in the municipalities comprising the Hackensack Meadowlands District.
Amended Aspire Program Rules
The Secaucus property 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 it comprises industrial space predominantly used for warehouse distribution or fulfillment centers, for which the developer incurs eligible project costs of at least $10 million in environmental remediation.
“Today’s approval of the Meadowlands Logistics Center under the NJEDA Aspire Program represents a new era of growth for Secaucus,” said Gonnelli.
“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,” the mayor added.
About Aspire
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps.
All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at the time of approval have been met before receiving their first disbursement of tax credits.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger, fairer economy.
Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the State’s economic vitality and quality of life and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.