EDA approves tax credits for Jersey City apartments, Long Branch hotel
A 10-story apartment building near the Jersey City waterfront and a five-story hotel at Pier Village in Long Branch were approved for tax credits by the New Jersey Economic Development Authority board on Tuesday.
The apartment building in Liberty Harbor North will be next to the Marin Boulevard Light Rail Station. The $140.9 million project would receive up to $42 million through the Urban Transit Hub Tax Credit program.
The project will include 422 units, 14,400 square feet of retail space and a 230-space garage for apartment residents. It is a joint venture between Kushner Real Estate Group and Ironstate Development. It is expected to create 600 construction jobs and nearly 50 permanent jobs.
The Long Branch hotel also is being developed by Ironstate, which is owned by David, Michael and Lisa Barry. The estimated cost for that project is $46.9 million, of which $8.4 million is eligible for tax credits. The site at Melrose Street and Ocean Avenue has been used as a parking lot. The project is expected to create 196 new full-time jobs.
EDA board members questioned the potential impact of the hotel on nearby hotels. Authority Senior Vice President Timothy Lizura said the hotel is expected to be similar to a boutique hotel and isn't expected to harm established hotels.
EDA CEO Caren S. Franzini emphasized that both tax credit programs will not benefit the companies until the projects are completed and the state is receiving taxes resulting from them.
The board also approved Business Employment Incentive Program grants to AccelRx Labs LLC, a pill outsourcing company, which would receive $131,000 to add 25 jobs in East Windsor; All Things Media LLC, a multimedia development firm, which would receive $748,000 to create 50 jobs in Mahwah; Amneal Pharmaceuticals LLC, a generic pharmaceutical maker, which would receive $600,000 for 221 jobs in East Hanover; Glenmore Plastic Industries Inc., which converts vinyl sheeting into textiles and would receive $694,000 for 35 jobs in Edison; and Tower Insurance Co. of New York, which would receive $2.34 million for 174 jobs at a site to be determined.
Tower would also receive a Business Retention and Relocation Assistance Grant worth $202,500 to retain 90 jobs in the state.