NEWARK, NJ-Tucker Development's proposed mixed-use project in the city's Central Ward got a $38-million shot in the arm from the state of New Jersey on Tuesday.
The project, estimated at nearly $92 million, calls for a mix of apartments, and retail space, including a 66,000-square-foot ShopRite supermarket. The State Economic Development Authority approved $23.8 million in tax credits under the Urban Transit Hub program, and $8.3 million under the Economic Redevelopment and Growth Grant program for the development project, according to the Star Ledger.
The project by the Chicago-based developer is also in line for $6.5 million in redevelopment bonds to be issued by the City Financial Board that will be purchased by Prudential Insurance. The bond funds were scheduled to be discussed at a session on Wednesday evening. See story in the Star Ledger.
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