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The New Jersey Economic Development Authority (NJEDA) board approved an award of $42.27 million in tax credits to support a project rehabilitating Loew’s Theatre in Jersey City.

It marks the first approval under the new Historic Property Reinvestment Program (HPRP), which focuses on historic preservation while trying to attract private investment in the Garden State.

The program works in tandem with the Federal Historic Tax Credit Program to encourage long-term investment and development focused on rehabilitating existing historic structures throughout the state, such as Loew’s Theatre. It also incentivizes work that can help revitalize cities and downtowns into more vibrant areas while preserving these historic properties and returning them to productive use.

“By supporting projects like the revitalization of Loew’s Theater into vibrant community assets, we are ensuring the long-term growth of local economies while preserving the history of iconic properties within New Jersey’s neighborhoods,” said Gov. Phil Murphy. “New Jersey’s rich entertainment history is one of our greatest assets and it is imperative that we continue to invest in our communities and enable them to maintain their historic structures.”

The award represents 45% of the eligible cost under the project, which has an estimated price tag of $110 million. The work will result in the historic venue being used as a live performance, movie and entertainment space.

“The long-awaited revitalization of Loew’s Theatre will be a tremendous economic driver that will lead to the upholding the historic integrity of the property while offering new generations of New Jerseyans access to the performing arts,” said NJEDA Chief Executive Officer Tim Sullivan.

The Loew’s project is part of a continued effort by Jersey City to enhance the vibrancy of the Journal Square district. Once the project is completed, officials anticipate the theater will host around 150 events a year.

“The NJEDA’s announcement today is a testament not only to the growing value of historic redevelopment, but also to the importance of preserving arts and culture in our communities,” said Jersey City Mayor Steve Fulop.

The project will include work to the building’s exterior, all public spaces, stage and support spaces; upgrades to the mechanical, electrical and plumbing systems; and a new loading dock and café.

“The Loew’s Theatre has stood for nearly 100 years as a major focal point here in Hudson County, and its transformation into an entertainment hub is a pivotal point to the continuing renaissance underway in Jersey City and our efforts to revive Journal Square,” said Fulop.

All work is being reviewed by the Jersey City Historic Preservation Commission, the New Jersey Historic Preservation Office and the National Park Service, and will follow the Secretary of the Interior’s Standards for Rehabilitation of Historic Properties.

“The HPRP marks the first time that New Jersey has offered support specifically designed to rehabilitate historic buildings for 21st century use while ensuring that their historic integrity remains in place, so this is a very exciting day for Historic Preservation in the state,” said NJEDA Director of Historic Preservation Aidita Milsted. “We have seen a great response to this program and look forward to bringing additional projects from Community Development before the NJEDA board in the coming months.”