In a massive win for the Capital City, the Board of the New Jersey Economic Development Authority (NJEDA) recently announced a $73 million investment in one of Trenton’s underserved neighborhoods. The 1.35-acre site at 150-170 Broad St. in Downtown Trenton is slated to offer 120 new, energy-efficient apartments featuring one- to three-bedroom units. Of the 120 apartments being developed, 70 will be market rate, 48 will be affordable, and two will be reserved as rent-free superintendent’s units. At the five-story building site, the original Van Sciver Building, efforts are being carried out to ensure that iconic elements like the building’s façade are properly preserved.
Aspire, a place-based economic development initiative created under the NJ Economic Recovery Act of 2020 (ERA), supports this exciting new project. This program emphasizes mixed-use, transit-oriented development by offering tax credits to commercial and residential development projects experiencing financing gaps. RPM Development has been selected as the Lead Development Entity for this project. Meanwhile, Life Management, Inc., a non-profit, has been chosen to provide services directly benefiting residents. Through a collaborative effort, a social services plan will be formed to help best meet the needs of senior citizens, those with developmental disabilities, and formerly homeless residents. LMI’s services will also allow for additional staffing support and offer connections to other pertinent resources.
Tim Sullivan, CEO of the NJEDA said, “One of Governor Murphy’s objectives when signing the ERA was to provide high quality, transit-oriented, mixed-use housing options for families at all income levels. This approval demonstrates the ability of the Aspire program to catalyze investment in communities that need it most. This new construction project will provide a support system to help residents sustain a quality of life in line with the standards for a stronger and fairer economy on which the Aspire program is based while also helping to preserve the City’s history and reinvigorate the Broad Street business corridor.”
Some of the many residential amenities proposed include a top-floor resident lounge, wi-fi connected workstations, laundry rooms, a fitness center, an amenity terrace on the second floor, a roof deck overlooking the historic Assunpink Creek on the fourth floor, electric car charging, bike storage, and a two-level parking structure featuring 168 spaces. The property will also include a 7,500 sq. ft. retail plaza across from the Mercer County Courthouse. Some of the amenities Trentonians can look forward to enjoying include a coffee shop, restaurants, and more.
Mayor Reed Gusciora reflected on the project, noting, “We’re so thankful to NJEDA for their ongoing collaboration and investment in the Capital City. I know that Trentonians will be excited to hear about the approval of Aspire tax credits for the residential project at the old Van Sciver site, which will help move the redevelopment of this historic parcel and community space forward.”
“The redevelopment of the former Van Sciver building epitomizes the nature of real estate development, ” said George Sowa, Greater Trenton CEO. I applaud the efforts of RPM, NJ EDA, NJ HMFA, and Mayor Gusciora to overcome many challenges and make this project a reality.”
With every new addition to Trenton comes another realm of opportunity, and this investment signals a profound commitment to its reinvigoration. Downtown Trenton is again on the rise, and we cannot wait to see the incredible things in the Capital City.
The New Jersey Economic Development Authority (NJEDA) is the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
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