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

January 29th, 2019 by Emily Eckart

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