Prudential Financial Inc. was approved for an Urban Transit Hub tax credit worth up to $250.8 million for a new office building in Newark by the New Jersey Economic Development Authority board today.
The company is considering several options, including maintaining its current location or investing $368.9 million in a new office and renovations, which would trigger the credits.
The tax credit, which the company would receive over 10 years, depends on whether the company makes the investment and creates 400 new jobs in the state after it builds the office.
The EDA board also increased an Urban Transit Hub credit for Transit Village Associates LLC, which is building a transit village around New Brunswick's train station, from $55.1 million to $76.6 million. The developer is a holding company created by New Brunswick Development Corp., or Devco.
The proposed potential office tower would be at 3 Center St., adjacent to the New Jersey Performing Arts Center. It would total 600,000 square feet, with a 1,600-vehicle parking structure. The building would also accommodate 500 to 750 new jobs in addition to the 400 jobs created by Prudential.
If built, "it means a major capital investment in the city of Newark," agency CEO Caren S. Franzini said of the project.
Additionally, the EDA board approved Economic Redevelopment and Growth grants to Eatontown Monmouth Mall LLC, for $4.11 million to spend $24.9 million for space for a national retailer, and to Harrison Hotel 1 LLC, for $7.25 million to spend $36.3 million to build a new seven-story hotel.
In addition, the EDA board approved several incentives at its monthly meeting to businesses to add or retain jobs in the state.
Botox maker Allergan Inc. was approved for a Business Employment Incentive grant totaling $14.9 million to add 387 jobs in the state rather than in the King of Prussia section of Upper Merion, Pa. Cibao Meat Products Inc., a sausage and salami maker, was approved for a $173,600 BEIP to move 70 jobs from the Bronx, N.Y., to Paterson.
Other awards: Millville glassware maker Durand Glass Manufacturing Co., a subsidiary of French company ARC International Inc., was awarded a $179,600 BEIP to add 35 jobs, as well as a $9.56 million Business Retention and Relocation Assistance Grant to keep 850 jobs here. Data center service provider Raritan Americas Inc. was awarded a $216,200 BEIP to add 25 jobs in New Jersey rather than in North Carolina. French technology company Thales SA was awarded a $272,500 BEIP to add 37 jobs, and $454,500 to retain 202 jobs in the state.