follow us:Google+ FacebookLinkedInTwitterRSS Feeds

advertisement

Projects in Bayonne, Secaucus among those approved for incentives by EDA

By

Back to Top Comments Email Print

Latest News

advertisement

Camden stole the show at the Economic Development Authority's meeting Thursday, netting the board's approval of a 10-year, $260 million award for energy industry manufacturer Holtec International to build a 600,000-square-foot facility on its waterfront.

The award itself is the third-largest ever approved in the EDA’s history.

But the day also saw the approval of roughly $34 million in other incentives, given out to projects in Secaucus, Trenton, Newark and Bayonne.

The largest of the remaining bunch was a 10-year, $11.25 million Grow New Jersey award for AP&G Co., a Brooklyn-based pest management solution manufacturer and distribution. The company is seeking to relocate to a 171,000-square-foot facility on Lexington Avenue in Bayonne, bringing 150 jobs along with it. The EDA estimates the project, which the company is considering against staying in New York, would yield a net benefit to the state of $27.6 million over 20 years.

RELATED: EDA approves $260M award for Camden project

Secaucus saw incentives for two projects approved by the EDA on Thursday. Exton, Pa.-based Frontage Laboratories, which services the pharmaceutical development industry, received approval for a 10-year, $2.3 million Grow New Jersey award to expand and bring 50 jobs to a location on the Meadowlands Parkway as opposed to an alternate site in Philadelphia. A net benefit of $11 million back to the state is projected by the EDA.

New York-based Jacmel Jewelry also is considering a move to the town, receiving approval for a 10-year, $3 million award to lease a facility on Penhorn Avenue to house a new operations and distribution center. The company is also eyeing Norwalk, Connecticut, as a potential destination. The EDA estimates the project, which would come with 75 new jobs, would yield a net benefit to the state of $7.3 million over 20 years.

Roughly $11 million in awards under the Economic Redevelopment and Growth Program were approved for GLTC Partners 2014, which plans to rehabilitate two existing apartment buildings in Trenton.

Hotel 1160 also saw the approval of an ERG award of approximately $6.6 million for the planned redevelopment of a vacant office building on Raymond Boulevard in Newark with the hopes of transforming it into a 110-room hotel.

The EDA will next meet Aug. 12.

ALSO ON NJBIZ:

Survey: Obamacare shopping leaves a lot to be desired

N.J. utility is among the most trusted nationwide

Share This Story On:
Andrew George

Andrew George

Andrew George covers the Statehouse from NJBIZ's Trenton bureau. Born and raised in N.J., Andrew has also spent time as a reporter in D.C., Texas and Pa. His email is andrewg@njbiz.com and he is @AndrGeorge on Twitter.

advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy

Advanced search
Sponsored by
advertisement
  
  
advertisement
  
  
advertisement
Back to Top