Subaru’s $117.8 million incentive award for its Gateway District headquarters project was the main draw at Tuesday’s Economic Development Authority meeting in Trenton, but it wasn’t the only high-profile, Camden-based project on the docket.The board also voted to approve a 10-year, $39.9 million Grow New Jersey award for Camden-based Cooper Health System to consolidate current back-office operations in Cherry Hill and Mount Laurel by bringing 353 full-time employees to a 123,578-square-foot space in Camden’s L3 building. Another 19 new positions would be created at the site.
According to the EDA, Cooper is also considering moving the jobs out of state, to Philadelphia. It estimates the project would yield a net benefit back to the state of $66.6 million over 35 years.
Camden Mayor Dana Redd said she was “thrilled” by the board’s decision.
“As one of our main anchor institutions and largest employer, having all of their administrative functions located in the city makes perfect sense,” Redd said.
Newark also saw the approval of several big-ticket items Tuesday, including a $40 million Economic Redevelopment and Growth incentive award for 609 HoldCo LLC, 609 Broad Street LLC and Commercial Broad Street LLC to rehabilitate the 400,000-square-foot former Hahne & Company store on Broad Street. The project calls for a Whole Foods, more than 56,000 square feet of institutional space for Rutgers University and some 160 residential units.
A $2.2 million ERG award was approved for Makers Village to redevelop a 69,175-square-foot vacant warehouse in Newark’s Ironbound for proposed tenant Just Greens, which was also approved for a 10-year, $6.5 million Grow New Jersey award to establish an aeroponic farm there. Just Greens, which would bring 69 new full-time jobs along with it, is also considering a location in Philadelphia. The estimated net benefit to the state over 20 years is roughly $2 million, according to the EDA.
EDA CEO Michele Brown applauded the board’s efforts to foster economic activity in cities like Camden and Newark.
“Thriving cities are the heart of the state’s economy,” Brown said. “The projects approved today will help to spur growth in communities that have historically suffered from disinvestment and create new job opportunities for residents.”
Other approved awards include:
Direct Energy was approved for a 10-year, $10.1 million Grow New Jersey award to lease a 50,648-square-foot office space in Woodbridge as opposed to Houston. Staying in New Jersey would retain 276 jobs and create another 115. The estimated net benefit to the state over 20 years is $97.1 million, according to the EDA.
GGB, an international bearing manufacturer, was approved for a 10-year, $3.2 million Grow New Jersey award to purchase an existing facility in West Deptford, as opposed to another industrial space in Philadelphia. If GGB stays in New Jersey, it would retain 29 jobs and create another 36 at the site. The EDA estimates the project’s net benefit to the state over 20 years is roughly $12 million.
Physician and Tactical Healthcare Services, a Cherry Hill-based health care industry management firm, was approved for a 10-year, $3.2 million Grow New Jersey award to purchase a new facility in Pennsauken as opposed to expanding operations at an existing facility in Allentown, Pa. The Pennsauken project would retain 40 in-state jobs and create another 40. The EDA estimates the net benefit back to the state to be $8.9 million over 20 years.
Radical Cosmetics, a Florida-based cosmetic manufacturer, was approved for a 10-year, $2.2 million Grow New Jersey award to lease 36,000 square feet in New Brunswick, bringing along 30 new full-time jobs. The project would yield an estimated net benefit to the state of $5.8 million over 20 years, according to the EDA.
Solvay USA, a Belgian chemical company with an existing location in Cranbury, was approved for a 10-year, $9.6 million Grow New Jersey award to choose a new location in West Windsor over another site in Houston. The project would retain 359 in-state jobs and create an additional 35. The estimated net benefit to the state over 20 years is $122.8 million, according to the EDA.
York Risk Services Group, an insurance and risk management firm, was approved for a 10-year, $3.1 million Grow New Jersey award to lease office space in Parsippany as opposed to Dublin, Ohio. The project would retain 123 in-state jobs and create another 44 positions. The estimated net benefit to the state over 20 years is approximately $41.1 million, according to the EDA.
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