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New Jersey Economic Development Authority Announces $250,000 in Funding for Redeveloping Stranded Assets

January 29th, 2019 by

The New Jersey Economic Development Authority is accepting applications for its 21st Century Redevelopment Program, which targets the problem of vacant and underutilized corporate campuses and shopping centers across New Jersey.

Municipalities, county governments, and redevelopment agencies can apply for grants to create planning proposals for redeveloping specific stranded assets. Each applicant may request up to $50,000. The total pool of funding available is $250,000. Funding is available through March 4 or until the pool is exhausted  — so early applications are encouraged. Applications will be reviewed by the NJEDA on a first-come, first-served basis.

Applications should present a specific stranded asset as the focus of the planning proposal. The property must have one of the following characteristics:

  • Retail: 750,000 square feet or more with a vacancy rate greater than 25 percent
  • Office: 75,000 square feet or more with a vacancy rate greater than 20 percent for at least three years

Planning proposals can include various strategies for redevelopment, including:

  • Analyzing costs and benefits of retrofitting, redeveloping or regreening the property or properties
  • Driving economic growth for the locality and region
  • Creating greater social, economic, and environmental sustainability
  • Expanding affordable and multi-family housing
  • Attracting employers and a diverse, talented workforce
  • Expanding entrepreneurial opportunities and supporting local businesses
  • Promoting walkable neighborhoods and improving accessibility and mobility
  • Connecting to public transportation
  • Improving livability and healthy outcomes for the local population

Learn more and download application materials on the NJEDA’s website.

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