NJEDA board awards $25M to support real estate projects in Atlantic City, Newark

Atlantic City and Newark are recipients of a total of $25 million in Real Estate Rehabilitation and Development Grants, according to a Thursday release from the New Jersey Economic Development Authority board.

The funding from the Activation, Revitalization and Transformation, or ART, Program will help the two cities, which were particularly hard hit by a downturn in economic activity due to the pandemic. A total of 13 projects were approved for grants that will focus on the rehabilitation and renovation of current infrastructure, as well as the construction of new property.

The projects will help create an environment necessary to attract and retain residents and talent, enable business creation and attraction, and enhance downtown vitality.

“New Jersey’s downtowns are essential to our state’s economy and culture and, in the wake of the pandemic, Gov. Phil Murphy has been committed to ushering in a resurgence in these downtowns,” NJEDA CEO Tim Sullivan said. “The funding awarded today will allow entities to rehabilitate vacant and blighted properties to encourage businesses, commuters, and residents back to city centers.”

“The sum of these funds — whether to establish dining venues, art studios, space for creative work and communal collaboration, or an agricultural and nutritional center — are each, and collectively, earmarked for the nourishment of all aspects of Newark’s vitality as a thriving community” Newark Mayor Ras Baraka said. “On behalf of all Newarkers, I thank NJEDA for these real estate and development grants so crucial to our present and future well-being and growth.”

“The Small administration has had much success in instilling investor confidence, making the great city of Atlantic City a hub for future development once again,” Atlantic City Mayor Marty Small Sr. said. “With the help of our partners with the NJEDA, we’ll be able to use this grant funding to push some of our major projects throughout Atlantic City forward, particularly in the Orange Loop area, which has undergone a significant renaissance in recent years.”

The following entities were approved for grants today:

Atlantic City

• 2702 Arctic Ave. Associates LLC: $2.785 million;
• MAP 3 Partners LLC: $2.485 million;
• 155 S. Tennessee QOZB LLC: $2 million;
• 1519 Boardwalk QOZB LLC: $1.975 million;
• MudGirls Studios: $604,609.

Newark

• Delta’s Newark II LLC: $3.495 million;
• Hospitality Concepts LLC: $3.310 million;
• Ablem Food Services NJ LLC: $2.518 million;
• EqualSpace LLC: $2.007 million;
• New Jersey Performing Arts Center: $1.5 million;
• RBH-TRB East Mezz Urban Renewal Entity LLC: $1.061 million;
• Project for Empty Space: $1.01 million;
• Newark Science and Sustainability: $400,000.