The New Jersey Economic Development Authority Board on Friday approved an agreement with the New Brunswick Development Corp. to spur development of The Hub in New Brunswick and a venture fund investment that will support technology companies.
The Hub represents an opportunity for New Jersey to create incubator and research space for next-generation companies and academic research facilities and attract corporate entrepreneurial tenants.
The agreement sets the stage for 4 million square feet of commercial development.
“Today, New Jersey is taking another step forward in recapturing its reputation as a hub of innovation,” said Gov. Phil Murphy in a statement. “The actions taken by the EDA will help grow new innovative companies, advance new ideas and generate new economic opportunities for our state.”