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Five real estate projects designed to alleviate effects of the COVID-19 pandemic will share $10 million in grant funding.

The New Jersey Economic Development Authority announced approval from its board Aug. 26 to support the work.

The Real Estate Gap Financing Program provides funds to “impactful projects” in select municipalities. NJEDA approved the program in 2024.

A $10 million pilot, the Real Estate Gap Financing Program provides grants covering up to 50% of total eligible project costs. Awards range from a minimum of $500,000 to $5 million per project. Projects located in 25 distressed municipalities can apply, NJEDA said. Eligible projects include: commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects, cultural arts, performing arts and mixed-use projects.

“Under Gov. [Phil] Murphy’s leadership, New Jersey has prioritized fostering a sustainable economic recovery by ensuring that federal COVID-19 recovery resources have a lasting impact by helping communities revitalize underutilized spaces, expand affordable housing, and support small businesses,” commented NJEDA Chief Executive Officer Tim Sullivan. “The projects approved under the Real Estate Gap Financing Program will strengthen local economies, expand opportunities for residents, and help create vibrant downtowns and main streets across the state.”

Applications for the program closed Jan. 8, according to the NJEDA’s website.

Learn more about the approved projects:

500 High Street LLC – 500 High St., Perth Amboy – $2.79 million

Involves the substantial rehabilitation and new construction of a long-vacant, deteriorated concrete shell structure into a six-story mixed-use development. The project will include 23 residential units, five designated as affordable housing. It will also include a 1,100-square-foot commercial space on the ground floor.

Parkway Eye Care Center LLC – 21 N. Park St., East Orange – $2.75 million

Involves construction of a mixed-use development featuring 15 residential units, with three affordable units. Also includes a commercial component that will serve as a new home for Parkway Eye Care Center. A certified small, minority, and woman-owned business leads the work, intended to stabilize the practice’s long-term presence in the community.

500 Blvd Urban Renewal LLC – 500 Avenue of the Americas, Lakewood – $2 million

Will include the construction of a two-story commercial building totaling 15,698 square feet, featuring a restaurant on the first floor and conference space on the second floor.

Greater Bergen Community Action Inc. (GBCA) – 106 Somerset St., Garfield – $1.3 million

Involves the substantial rehabilitation of a 24,000-square-foot, three-story office and retail building. The work aims to transform the property into a mixed-use facility anchored by a small business assistance center supporting women-, minority- and veteran-owned enterprises—especially in the renewable energy and construction sectors. The site will also include:

• A branch of GBCA’s 1st Bergen Federal Credit Union;
• A commuter-focused concession; and
• Access to GBCA’s full range of community services.

The Institute of Music for Children – 780 Salem Ave., Elizabeth – $1.16 million

Involves substantial interior improvements to transform an underutilized space into a vibrant, high-quality facility for arts education, job creation and community revitalization. The renovations aim to expand programming for youth, increase employment for teaching artists, and strengthen social and emotional health in response to COVID-19’s long-term impact on children and artists.