Real Estate Development
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The Economic Development Authority (EDA) plays an important role in implementing major real estate development projects for established companies and governmental or nonprofit organizations throughout New Jersey. In fact, since 1979, we’ve developed over 9.25 million square feet of new and renovated space valued at more than $1.3 billion. So if you’re a company needing facilities for research, manufacturing, or distribution; a developer of a project in one of these three sectors, or any commercial project in an urban location; or a public or nonprofit entity requiring new or renovated facilities, the EDA can help turn your plans into reality.
With our full array of tools, ranging from site solutions to project financing and full-service real estate development, we can help implement real estate projects that advance the State’s economic development objectives. The EDA’s goal isn’t to compete with private developers. Instead, we look for opportunities to collaborate with the private sector and to trail-blaze locations and sectors in need of private investment. Land Assemblage The location of an office building, university complex, performing arts facility, etc. can be vital, not only to the project’s success, but also to its impact on a community. The EDA’s assistance in land acquisition has been essential to the advancement of many urban projects throughout the State. We can help assemble property for public purposes and for certain economic development projects where the need to gain site control at a specific location is critical to a project’s implementation. Development and Construction In addition to its land acquisition capabilities, the EDA is unique among public agencies in New Jersey because it has the ability to design, finance, construct, and manage projects for public and private-sector clients, either for lease or on a build to suit basis. Projects developed by the EDA can enjoy favorable tax and regulatory treatment, as well as attractive occupancy costs.Typically, projects must fall into one of these categories:
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