Overview

• Approximately $89.96 million in tax-credit equity will support a 34-story, 360-unit mixed-use project at 701 Newark Ave. in Jersey City’s Journal Square through NJEDA’s Aspire program.
• The Jersey City allocation equals up to 60 percent of total project cost, with plans that include 90 affordable units, roughly 3,000 square feet of ground-floor retail, and a public promenade extension.
• Lions Group is the developer of the Jersey City project, which previously received a 30-year local tax exemption structured as an annual service charge in lieu of property taxes.
• NJEDA also approved about $53.3 million in Aspire tax-credit equity for Atlantic City’s Garden Court Apartments to preserve the affordability of 177 units.
• The Atlantic City award represents roughly 85 percent of the project cost, with Garden Court AC LLC leading the renovation and Gateway Community Action Partnerships serving as co-applicant.