Updated JP Morgan approved for 187M more in incentives to grow Jersey City presence

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JP Morgan Chase may seek to increase its growing presence in Jersey City after the Economic Development Authority voted Thursday to approve a 10-year, $187.7 million Grow New Jersey award for the company to expand its technology and operations hub in the city.(Editor’s note: This report was updated at 1:50 p.m. with additional information.)

JP Morgan Chase may seek to increase its growing presence in Jersey City after the Economic Development Authority voted Thursday to approve a 10-year, $187.7 million Grow New Jersey award for the company to expand its technology and operations hub in the city.

In May 2014, JP Morgan secured a 10-year, $224 million Grow New Jersey award from the EDA to grow its Jersey City location on Washington Boulevard and keep the company from relocating over 2,600 New Jersey-based employees to offices in Delaware and Ohio. The project was also said to create over 1,000 new positions.

The project approved Thursday calls for JP Morgan to lease an additional 305,069 square feet in an adjacent building on Washington Boulevard and would relocate 2,150 employees currently based in New York to the site.

As in 2014, the company says its alternative to growing in Jersey City is to relocate the positions to Delaware and Ohio.

According to the EDA, the project would yield a net benefit back to the state of $666.5 million over 20 years.

Jaguar Land Rover North America also made a splash Thursday, receiving approval for a 10-year, $26.6 million Grow New Jersey award to secure a new North American headquarters in Mahwah, where the company has been based regionally since 1985. Jaguar Land Rover has told the EDA that it is also considering a move to Pearl River, New York.

The project would not only retain 251 positions in state, but also create an additional 61 full-time jobs. According to the EDA, the project would yield a net benefit back to the state of $110.9 million over 20 years.

While Jaguar Land Rover may be seeking to stay in Bergen County, fellow carmaker Mercedes-Benz left its longtime North American headquarters located within the county earlier this year for a more cost-effective site in Georgia.

As a newly classified “Garden State Growth Zone,” Atlantic City also saw a project within its borders receive approval Thursday. The EDA approved a 10-year, $32.7 million Grow New Jersey award for the Atlantic City Contact Center, which will serve as a contact and customer service hub for North American companies.

The company is also considering a site in Las Vegas. The project is said to create 332 new jobs and yield a net benefit back to the state of $3.2 million over 30 years.

Other projects approved Thursday:

Company: Kering Eyewear USA
Location: Bridgewater
Approved award: 10-year, $1.5 million Grow N.J.
Jobs: 50 new positions
Net benefit to state: $15 million over 20 years

Company: KRE Hamilton Urban Renewal, LLC
Location: Jersey City
Approved award: $40 million Economic Redevelopment & Growth

Company: Nestle Healthcare Nutrition and Nestle Nutrition R&D Center
Location: Bridgewater
Approved award: 10-year, $14.4 million Grow N.J.
Jobs: 177 new positions, 59 retained positions
Net benefit to state: $77.1 million over 20 years

Company: Peeq Imaging
Location: Carlstadt
Approved award: 10-year, $4.9 million Grow N.J.
Jobs: 110 new positions
Net benefit to state: $32.3 million over 20 years

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