A project consisting of a new hotel and conference center on the campus of Paterson's St. Joseph's Regional Medical Center was approved Tuesday for a 10-year, $105.5 million incentive grant by the Economic Development Authority under its soon-to-expire Urban Transit Hub Tax Credit Program.
The EDA estimates that the project, which is being headed by MMC-DB Group LLC in the name of city-based charitable organization Medical Missions for Children, will create over 300 new jobs in addition to 665 construction jobs.
Plans call for two towers to be built with the first being a 153,000-square-foot building featuring a 132-room hotel, 40,000-square-foot conference center and a 189-space parking facility. The second tower, a 104,874-square foot structure, will offer office and teaching space in addition to another 40 spaces of parking.
St. Joseph's plans to lease space within the second tower, according to the EDA.
Frank Brady, the MMC chairman and CEO heading up the project for the organization, was not immediately available for comment Wednesday morning.
The EDA also approved another Urban Transit Hub project Tuesday, awarding a 10-year, $19.7 million grant to PHMII Associates for a redevelopment project in Jersey City's Journal Square.
According to the EDA, the mixed-use project, located directly across from the Port Authority Transit Center on Kennedy Boulevard, calls for a 13-story, 218,000-square-foot tower that will include 240 residential units and 2,400 square feet of retail space.
Tuesday also marked the first round of approved projects under the newly revised Grow NJ program as over $92 million was awarded to five different projects.