JERSEY CITY, NJ-The New Jersey Economic Development Authority approved tax breaks for two Jersey City projects, as well as for a proposal by Rutgers University to build student and faculty housing in New Brunswick.
A major redevelopment project in Newark, valued at $450 million, that looks to transform a section of downtown Newark into a multiuse neighborhood, did not receive approval of tax credits by the authority, according to the Star Ledger.
The Jersey City projects, one by Beacon Redevelopment to rehabilitate the former Jersey City Medical Center for apartment and retail use and another by Journal Square Associates to build an apartment tower near the Journal Square PATH station, along with the Rutgers project each received tax breaks of $33 million each. See story in the Star Ledger.
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