Kearny Point Welcomes NJ Ignite Participant

On Feb 21, 2019

The New Jersey Economic Development Authority (EDA) announced today that medical device manufacturer Carbon22 became the first startup company to benefit from rent support through NJ Ignite. Carbon22 recently moved into a creative ‘flex’ office space at Building 78 of Kearny Point.

NJ Ignite helps startup companies realize the benefits of collaborative workspaces by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace. The program is made possible through a combination of support from the EDA and the collaborative workspace, with the EDA covering up to six months’ rent and the collaborative workspace covering rent for half the length of EDA’s commitment. Because Kearny Point is located within an Opportunity Zone, it can offer its companies participating in NJ Ignite an additional month of rent support.

As a supplement to a financial commitment, participating incubators, accelerators, and coworking spaces are required to offer tenants a minimum of eight innovation-ecosystem-building events per year, such as Meetups, guest speakers, and office hours with professionals such as lawyers, accountants, and consultants.

“NJ Ignite has two complementary advantages: providing entrepreneurs with access to affordable real estate as they grow their companies and putting them in an environment where they can collaborate with other innovators,” said EDA Chief Executive Officer (CEO) Tim Sullivan. “Both of these benefits are essential to Governor Phil Murphy’s vision for making New Jersey the State of Innovation.”

Carbon22 focuses on designing, developing, and manufacturing innovative and cost-effective foot and ankle implant solutions. Company Founder and CEO Vadim Gurevich noted that Carbon22 is creating these products for, and in consultation with, surgeons throughout the world.

Gurevich credits NJ Ignite and Kearny Point’s proximity to New York City as factors contributing to Carbon22’s potential for growth.

“Thanks to the money we’re saving on rent with NJ Ignite, we’ll be able to hire additional engineers to build out our product line,” Gurevich said. “Additionally, our space in Kearny Point is perfect for our current needs, but also affords us the necessary space to grow.”

In one of the most significant adaptive reuse initiatives in the region, developer Hugo Neu Corporation is reinventing Kearny Point as a modern workplace home to a diverse community of pioneering businesses. Building 78, the first building to be redeveloped under its multiphase plan, features creative flex office spaces and a co-working facility known as Kearny Works. The co-working space provides tenants with flexible membership options, ranging from single desks to private team offices, round-the-clock access, large conference rooms, and common areas perfect for networking.

In addition to supporting existing collaborative workspaces by increasing demand for their offerings, NJ Ignite is also intended to encourage the creation of new workspaces.

“We’ve seen robust interest from startups looking to benefit from our well-located office space and from the growth-oriented programs and community amenities that Kearny Point provides,” said Michael Meyer, Director of Development for Hugo Neu Corporation. “Adding NJ Ignite into our suite of offerings has made Kearny Point even more attractive to the state’s youngest technology, life sciences, and environmental companies that are seeking modern office space within a vibrant business community at an attainable price point.”

Upon completion, the 130-acre Kearny Point waterfront destination will reactivate up to four million square feet and is expected to create more than 10,000 jobs. The site is located adjacent to Jersey City and Newark, and less than five miles from Hoboken and the Lincoln Tunnel. In line with Hugo Neu’s mission of promoting opportunity and growth at Kearny Point for decades to come, the project—led by lifelong environmentalist Wendy Neu—is achieving the highest possible levels of environmental sustainability and ecological restoration. This includes maximum reliance on renewable energy sources, high-efficiency building systems, and a range of green infrastructure measures.

Building 78 is among 11 collaborative workspaces approved to participate in NJ Ignite.

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