The Star Ledger published the following article on January 15, 2014. To read the full article, click here.
State awards $52 million in tax breaks for redevelopment at Newark’s ‘Four Corners’
By Tom De Poto/The Star-Ledger
on January 15, 2014 at 7:43 AM, updated January 15, 2014 at 7:46 AMA project that could transform the commercial center of downtown Newark got a boost yesterday when the state Economic Development Authority awarded it nearly $52.5 million in tax breaks.
The Four Corners Millennium Project, which had applied unsuccessfully for the grants last year, is designed to convert the neighborhood around Newark’s Broad and Market streets into a residential and retail center. The intersection was once considered the commercial heart of northern New Jersey.
Yesterday, the project was awarded $33 million in tax credits under the Urban Transit Hub program, which expired at the end of last year, and $19.5 million under the Economic Redevelopment and Growth Program.