Building to be Cornerstone of HHG’s Roebling Complex Redevelopment
TRENTON, N.J. (March 12, 2015) – March 12, 2015 – (RealEstateRama) — Building on the Christie Administration’s commitment to expand opportunity and revival in the state’s cities, the New Jersey Economic Development Authority (EDA) today approved an award under the Economic Redevelopment and Growth (ERG) Program to help the Roebling Complex redevelopment in Trenton move forward. The Wire Rope Lofts project, being advanced by HHG Development Associates, involves the redevelopment of an old Roebling Steel building into rental loft apartments.
“By transforming a long vacant warehouse into new residential opportunities, this project exemplifies HHG’s deep-rooted commitment to making the City of Trenton a live-work-play community,” said EDA President and Chief Operating Officer Tim Lizura. “Each project that breaks ground and every dollar that is invested in Trenton increases the City’s vitality and its appeal to residents and businesses.”
The $42 million project was approved for a residential ERG of up to $16.1 million over ten years. Lizura noted that the New Jersey Economic Opportunity Act placed extra emphasis on spurring development in “Garden State Growth Zones,” which includes Camden, Trenton, Passaic City, Paterson, and Atlantic City. Under the Act, projects in these cities can receive up to 40 percent of project costs through ERG. Additionally, of the $600 million authorized for qualified residential projects, $250 million is available for developments in these cities.
Located on Clark Street, the Wire Rope Lofts will be constructed in a vacant warehouse, previously used for manufacturing wire rope. Closed since the mid-1970’s, the structure represents the first of four John A. Roebling’s Sons buildings planned for rehabilitation by HHG. The Wire Rope Lofts will include one-bedroom and two-bedroom duplex units, all featuring high ceilings and large industrial windows. Future plans for the complex include an additional building consisting of loft-style units and restaurant/retail space to be built from the ground up. Other residential projects developed by HHG in Trenton include Everett Corner, The Cracker Factory, and scattered site row house restorations.
“As City residents, we have a deep understanding of Trenton and how it is ideally poised to attract the millennials who seek diverse, authentic communities where they can live, work and play in close proximity,” said W. David Henderson, Principal, HHG. “As this development and other projects underway in Trenton move forward, we foresee this City becoming an increasingly vibrant destination and sought after place to live and work.”
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the State’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
