With help from variety of funding sources, Foodtown coming to Elizabeth

A mix of government agencies and private institutions are funding a new development project to bring a major supermarket and shopping center to Elizabeth, according to Valley National Bank.The Foodtown will anchor the new project by lead developer Jacobs Enterprises. Financing terms by the involved parties, which also include the city of Elizabeth, the state Economic Development Authority and the Elizabeth Economic Development Co., were not disclosed.

In a news release, Valley National said the project will provide area residents with access to fresh and affordably priced food that has not been widely available to the local residents of this area of Elizabeth, which has been characterized as a “food desert.” The bank said it is providing the financing needed to allow the project to move forward. 

The project will provide 90 permanent job opportunities for area residents, the news release said.

The NJEDA provided support through its Real Estate Impact Fund, a program designed to foster redevelopment in targeted locations to help catalyze future development opportunities and stimulate both private investment and job creation. Meantime, the city of Elizabeth provided significant support by arranging for a former environmental brownfield site to be remediated and brought back to useful life in a way that provides the new location.

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