Listen to this articleThe basics:
- NJEDA board approves $93.1M in Aspire Program tax credits
- Paterson’s Carroll Street Houses earns city’s first Aspire approval
- Secaucus industrial site marks first warehouse project under the program
- Projects led by WinnDevelopment, Hartz Mountain Industries
The New Jersey Economic Development Authority board approved new Aspire Program tax credit awards for projects in Paterson and Secaucus.
In its Nov. 6 announcement, the agency said the latest represents a collective investment of $93.1 million. The projects also mark a pair of firsts for the program.
Paterson recorded its initial approval under Aspire for the Carroll Street Houses Project. The residential development will include the rehabilitation of 88 fully affordable residential units across 10, two-story buildings. Meanwhile, as first reported by Real Estate NJ Nov. 3, the approval for Meadowlands Logistics Center LLC in Secaucus marks the first under Aspire for an industrial warehouse project.
Another Winn
Carroll Street House received approval for up to 85% of the project cost, not to exceed $36.6 million. NJEDA said the effort is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
The unit rehab also includes Project-Based Section 8 contracts for rent subsidies, according to NJEDA. Additionally, the redevelopment will consist of exterior and interior common area upgrades, along with replacing kitchens, bathrooms and flooring.
Winn Development Co. LP entered into an agreement to purchase the property in February for $13.7 million. According to NJEDA board documents from the Oct. 9 meeting, the closing date is set for Nov. 30.
Boston-based Winn is the largest manager of LIHTC housing in the U.S. WinnDevelopment Cos. previously received an Aspire award for West Deptford Apartments LLC in West Deptford and Garden Court AC LLC in Atlantic City.
Rising Dove Carroll Street Houses LLC is co-applicant on the project. That entity will also provide services to residents at Carroll Street House, such as housing assistance and referral services, employment assistance, computer classes, case management and assistance with food programs.
Paterson Mayor Andre Sayegh said the approval marks a major milestone for the city. “I’m proud that Paterson is taking a leadership role in building resilient, inclusive neighborhoods that benefit families for generations to come.”
Construction is expected to start in December, with a projected 22-month timeline.
Community improvements
In Hudson County, the property at 100 Paterson Plank Road is included on the New Jersey Department of Environmental Protection “Known Contaminated Site List.”
The development qualifies for Aspire under recently amended rules to the program. The warehouse project is eligible because it comprises industrial space predominantly used for warehouse distribution or fulfillment centers where the developer incurs eligible project costs of at least $10 million in environmental remediation, NJEDA said.
Hartz Mountain Industries serves as lead developer for the project. This award marks the locally based family-owned company’s first Aspire award application, according to board documents.
Meadowlands Logistics Center received approval for up to 50% of the total project cost, not to exceed $56.5 million. The facility will feature:
- 40-foot clear ceiling heights
- 232 trailer parking spaces
- 96 loading docks — along with capacity for 89 additional docks, if needed
- Four drive-in entrances
- 570 parking spaces
- Integrated office space
Planned uses for the site include warehouse operations, light industrial manufacturing, logistics and distribution, cold storage, import and export port services, e-commerce fulfillment, and a data center, NJEDA said.
Beyond that, the project will also bring community amenities. Those perks include a public walking trail, scenic overlook with dedicated parking, expanded sidewalks and a bus shelter to enhance accessibility.
Secaucus Mayor Michael Gonnelli said the approval represents a new era of growth for the municipality. “This investment will not only create jobs … but also enhance our community,” he said.
Construction is expected to begin in February 2026 and last 30 months.
“Under Gov. Murphy’s leadership, the Aspire Program continues to advance New Jersey’s broader economic development strategy by addressing critical financing gaps and supporting projects that strengthen communities and drive inclusive growth,” said NJEDA Chief Executive Officer Tim Sullivan. “Through meaningful investments in Paterson and Secaucus, today’s approvals expand access to housing, create good jobs, and build more resilient communities that will spur economic vitality for generations.”
