Mercer Times

The New Jersey Economic Development Authority (NJEDA) Board has approved over $17 million in funding for the Local Property Acquisition Grant Program. This initiative will support 12 real estate development projects across New Jersey.

"Since taking office, Governor Murphy has been dedicated to boosting the economic prospects of New Jersey’s communities, creating jobs for local residents, and generating vital tax revenue for municipalities," said NJEDA Chief Executive Officer Tim Sullivan. "The projects supported through the Local Property Acquisition Grant Program will help advance local economic development initiatives throughout the state by transforming unused real estate into vibrant commercial spaces and community hubs."

First launched in 2023, the Local Property Acquisition Grant Program is a competitive grant program providing funds to various municipal and not-for-profit entities for acquiring vacant properties. The aim is to support local or regional economic development priorities.

Funding from this program will be used either for acquisitions for strategic public use projects such as plazas and parks or for future development projects including commercial or mixed-use developments.

Projects approved to receive funding include:

1. The Township of Verona will receive up to $1 million to create a public parking lot at 46 Lakeside Avenue.

2. The Town of Westfield will get up to $660,050 for a pedestrian plaza/pocket park at 200 South Avenue West.

3. Camden Repertory Theater Community Development Group will obtain up to $483,400 for a mixed-use project at 918 Broadway.

4. Carteret Redevelopment Authority is awarded up to $1,547,500 for a mixed-use development on Roosevelt Avenue.

5. Chicken Bone Beach Historical Foundation Inc. will receive up to $1,824,569 for a cultural arts center in Atlantic City.

6. The Town of Clinton will gain up to $2,409,108 for commercial development at 19 West Main Street.

7. Greater Bergen Community Action, Inc. gets up to $2,601,155 for a multi-purpose building on Somerset Street.

8. The Town of Hammonton receives up to $544,663 potentially for restaurant or retail space at Central Avenue.

9. Ideal Education A NJ Nonprofit Corporation is allocated up to $703,000 for a community co-op food market in Atlantic City.

10. Institute of Music for Children obtains up to $257,730 for campus expansion in Hillside.

11. Paterson Habitat for Humanity gets up to $988,500 for affordable housing and child-care space on Spring Street.

12. The City of Trenton is awarded up to $4 million for mixed-use development at West Lafayette Street.

NJEDA aims to make New Jersey a national model for inclusive and sustainable economic growth through partnerships with diverse stakeholders.

For more information about NJEDA resources, call NJEDA Customer Care at 844-965-1125 or visit their website.