The New Jersey Economic Development Authority (NJEDA) has approved $25.1 million in Real Estate Rehabilitation and Development Grants under the Activation, Revitalization and Transformation (A.R.T.) Program, to support projects that will help revitalize Atlantic City and Newark, two of New Jersey’s largest cities, which were particularly hard hit by a downturn in economic activity due to the pandemic.
A total of 13 projects were approved for grants that will focus on the rehabilitation and renovation of current infrastructure, as well as the construction of new property. The projects will help create an environment necessary to attract and retain residents and talent, enable business creation and attraction, and enhance downtown vitality.
“New Jersey’s downtowns are essential to our state’s economy and culture and in the wake of the pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding awarded today will allow entities to rehabilitate vacant and blighted properties to encourage businesses, commuters, and residents back to city centers.”
The A.R.T. program utilizes American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to reactivate and revitalize Atlantic City and Newark’s commercial corridors in the wake of COVID-19. Commercial corridors play a vital role in both urban and rural geographies, serving as economic engines for communities by providing jobs that keep money circulating in the local economy, offer goods and services for residents, and power entrepreneurship as well as wealth building.
“The sum of these funds – whether to establish dining venues, art studios, space for creative work and communal collaboration, or an agricultural and nutritional center –are each, and collectively, earmarked for the nourishment of all aspects of Newark’s vitality as a thriving community” said Newark Mayor Ras J. Baraka. “On behalf of all Newarkers, I thank NJEDA for these real estate and development grants so crucial to our present and future well-being and growth.”
“The Small administration has had much success in instilling investor confidence, making the Great City of Atlantic City a hub for future development once again,” said City of Atlantic City Mayor Marty Small, Sr. “With the help of our partners with the NJEDA, we’ll be able to use this grant funding to push some of our major projects throughout Atlantic City forward, particularly in the Orange Loop area, which has undergone a significant renaissance in recent years.”
In December, the Board approved $3 million in Public Space Activation Grants under the A.R.T. program.
The following entities were approved for grants today:
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