T
he New Jersey Economic Development Authority (NJEDA) has approved five real estate projects to share $10 million in grant funding, aimed at alleviating the effects of the COVID-19 pandemic. The Real Estate Gap Financing Program provides funds for "impactful projects" in select municipalities.

    Approved by NJEDA's board on August 26, the program offers grants covering up to 50% of total eligible project costs, ranging from $500,000 to $5 million per project. Eligible projects include commercial and office spaces, supermarkets, manufacturing facilities, non-profit community use projects, cultural arts, performing arts, and mixed-use developments.

    The approved projects are located in 25 distressed municipalities across the state. NJEDA Chief Executive Officer Tim Sullivan commented on the program's goals: "Under Gov. Murphy's leadership, New Jersey has prioritized fostering a sustainable economic recovery by helping communities revitalize underutilized spaces, expand affordable housing, and support small businesses."

    The five approved projects are:

    * 500 High Street LLC in Perth Amboy will receive $2.79 million to transform a long-vacant structure into a six-story mixed-use development with 23 residential units and commercial space.

    * Parkway Eye Care Center LLC in East Orange will get $2.75 million for a mixed-use development featuring 15 residential units, including three affordable units, and a new home for the eye care center.

    * 500 Blvd Urban Renewal LLC in Lakewood will receive $2 million to build a two-story commercial building with a restaurant on the first floor and conference space on the second.

    * Greater Bergen Community Action Inc. (GBCA) in Garfield will get $1.3 million for the substantial rehabilitation of a three-story office and retail building into a mixed-use facility anchored by a small business assistance center.

    * The Institute of Music for Children in Elizabeth will receive $1.16 million to transform an underutilized space into a vibrant arts education facility, expanding programming for youth and increasing employment opportunities for teaching artists.

    The program aims to strengthen local economies, expand opportunities for residents, and create vibrant downtowns across the state.