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NEWARK, NJ-The Chicago-based Tucker Development Corp. entered the New Jersey market with a $1.5-billion war chest recently, and the company has now made its first move. Tucker is under contract to buy 3.5-acres of privately owned land adjacent to the Broad Street rail station and an off-ramp of I-280.

And Tucker, which has made a name for itself with MXDs and retail properties, has mixed uses in mind for the site at 422 Broad St. once the sale clears. Part of that plan includes a new class A office building with large floorplates, the first to be built here in more than 15 years. Also part of the plan for the 400,000-sf, 28-story mixed-use are a 200-room hotel and 50,000 sf of retail, including a health spa, on the first two floors. The estimated price tag for all of this is $150 million.

The project will also be eligible for benefits under the state’s new Urban Transit Hub Tax Credit Program, enacted in January. For a minimum of 250 employees, eligible companies can realize upwards of $75 million in tax incentives over a 10-year period.

“Corporations relocating to this new generation transit-oriented development can earn tens of millions of dollars in urban tax credits,” confirms TDC president and CEO Richard Tucker. “The end result is that a large corporation relocating jobs to our Newark development could virtually operate rent-free for 10 years.

“Given these substantial corporate benefits and that fact that all class A office space in Newark is more than 15 years old, we expect there will be significant demand for this new project,” Tucker says. As part of its entry into the New Jersey marketplace, Tucker also recently opened a regional office at 50 Park Place As far as the proposed project for 422 Broad St., the currently vacant site is just 100 feet from the Broad Street Station, and a 10th of a mile from the I-280 ramp.

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