NJEDA Advances New Brunswick Incubator/Research Space
“The Hub” development is expected to support a live/work/play environment close to existing corporate, medical, and academic research activity, and near housing, retail and public transportation assets.
TRENTON, NJ—With its support for a research incubator space in New Brunswick, NJ, the New Jersey Economic Development Authority board is taking steps that it says will “help nurture the growth of the State’s innovation economy.”
The NJEDA board authorized an agreement with the New Brunswick Development Corporation to advance development of “The Hub,” an initiative to create incubator and research space for next-generation companies and academic research facilities and attract corporate entrepreneurial tenants in downtown New Brunswick, and a venture fund investment that will support growth-stage, software and technology-enabled companies in New Jersey.
“Today, New Jersey is taking another step forward in recapturing its reputation as a hub of innovation,” says Governor Phil Murphy. “The actions taken by the EDA will help grow new innovative companies, advance new ideas and generate new economic opportunities for our state.”
“A successful innovation economy requires strong public-private partnerships and a focus on talent, capital, and real estate,” says EDA chief executive officer Tim Sullivan. “Through today’s actions, the EDA is helping to advance this vision to reclaim New Jersey’s leadership in innovation.”
“The Hub” development is expected to support a live/work/play environment close to existing corporate, medical, and academic research activity, and near housing, retail and public transportation assets.
NJEDA and the New Brunswick Development Corporation will prepare a preliminary assessment and strategy for development of the 12-acre site, which has been approved for up to four million square feet of commercial development. This includes reviewing existing operating models and best practices, establishing a financial model, and developing high-level value propositions and partnership arrangements. This work will inform a final set of recommendations regarding development of “The Hub”. The EDA and DEVCO will jointly fund this effort.