The transformative plan to create an arts and entertainment district around the New Jersey Performing Arts Center took a huge step forward Wednesday, when it was awarded a 10-year, $200 million tax credit award under the state’s Aspire program, in a key step for a project that would include 350 apartments and new commercial and community spaces.
According to the board memo released by the New Jersey Economic Development Authority, construction on the project could begin this summer.
The 7.3-acre riverfront campus, now projected to cost $332 million, will contain both apartments and townhomes with a combined 280 market-rate and 70 affordable units and 12,600 square feet of ground-floor retail space.
NJPAC is not financing any of the vertical development. Its application for the Aspire award noted a number of proposed capital sources, including a $184.3 million construction loan from Citibank and a $50 million tax-exempt loan from TD Bank.