Demand, Subsidies Boost Newark, Jersey City Development

Law360, New York (March 18, 2014, 7:59 PM EDT) -- Improving economies and state subsidies have bolstered development in Jersey City and Newark, N.J., in recent months, as multifamily and hotel developers in particular look to satisfy the growing demand for transit-oriented housing and travel.

New Jersey's Economic Development Authority spent nearly $1.2 billion on financing for economic growth projects across the state last year. That included significant expenditures through GrowNJ and the Economic Redevelopment and Growth Program, two efforts focused on creating jobs and incentivizing development in part by providing subsidies.

“They've loaded up the...
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