• Sun. Feb 25th, 2024

    Atlantic City and Newark Receive $25 Million in Grants for Urban Revitalization

    ByNuala Hafner

    Feb 9, 2024
    Atlantic City and Newark Receive $25 Million in Grants for Urban Revitalization

    Atlantic City and Newark have been awarded a combined total of $25 million in Real Estate Rehabilitation and Development Grants. The funding, provided through the Activation, Revitalization and Transformation (ART) Program, aims to support the economic recovery of these cities, which were severely affected by the pandemic.

    The grants have been approved for 13 different projects that focus on rehabilitating and renovating existing infrastructure, as well as constructing new properties. The goal is to create an environment that attracts residents, businesses, and talent, while also enhancing the vitality of downtown areas.

    New Jersey Economic Development Authority (NJEDA) CEO Tim Sullivan expressed the importance of downtown areas in the state’s economy and culture. He emphasized Governor Phil Murphy’s commitment to revitalizing these areas and explained that the funding will encourage the rehabilitation of vacant and blighted properties, aiming to bring businesses, commuters, and residents back to the city centers.

    Both Newark Mayor Ras Baraka and Atlantic City Mayor Marty Small Sr. expressed gratitude towards NJEDA for the grants. Mayor Baraka highlighted the funding’s impact on Newark’s vitality, enabling the establishment of various venues and spaces that contribute to the community’s growth and collaboration. Mayor Small Sr. spoke of the success in attracting investor confidence to Atlantic City, which has become a hub for future development. He specifically mentioned the Orange Loop area, which has undergone significant revitalization in recent years.

    The approved recipients for the grants include a mix of organizations and businesses from both cities. In Atlantic City, entities such as 2702 Arctic Ave. Associates LLC, MAP 3 Partners LLC, and MudGirls Studios have received funding. In Newark, recipients include Delta’s Newark II LLC, Hospitality Concepts LLC, and the New Jersey Performing Arts Center, among others.

    These grants mark an important step forward in the urban revitalization efforts of Atlantic City and Newark. The funding will play a crucial role in attracting investment, stimulating economic growth, and fostering vibrant downtown communities in these two New Jersey cities.

    FAQ Section:

    1. What is the purpose of the Real Estate Rehabilitation and Development Grants?
    The purpose of the Real Estate Rehabilitation and Development Grants is to support the economic recovery of Atlantic City and Newark, two cities severely affected by the pandemic, by funding projects that focus on rehabilitating existing infrastructure, constructing new properties, and enhancing downtown areas.

    2. How much funding have Atlantic City and Newark been awarded?
    Atlantic City and Newark have been awarded a combined total of $25 million in Real Estate Rehabilitation and Development Grants.

    3. How many projects have been approved for the grants?
    A total of 13 different projects have been approved for the grants.

    4. Who is providing the funding for the grants?
    The funding for the grants is provided through the Activation, Revitalization and Transformation (ART) Program.

    5. Why are downtown areas important to New Jersey’s economy?
    Downtown areas are considered important to New Jersey’s economy and culture. They attract residents, businesses, and talent while enhancing the vitality of the cities.

    6. Who expressed the importance of downtown areas and the commitment to revitalization?
    The CEO of the New Jersey Economic Development Authority (NJEDA), Tim Sullivan, expressed the importance of downtown areas and Governor Phil Murphy’s commitment to revitalizing them.

    7. What impact will the grants have on Newark?
    The grants will contribute to Newark’s vitality by enabling the establishment of various venues and spaces that contribute to the community’s growth and collaboration.

    8. How has Atlantic City benefited from the grants?
    Atlantic City has attracted investor confidence and has become a hub for future development, with areas like the Orange Loop undergoing significant revitalization.

    9. Who are some of the recipients of the grants in Atlantic City and Newark?
    In Atlantic City, recipients of the grants include 2702 Arctic Ave. Associates LLC, MAP 3 Partners LLC, and MudGirls Studios. In Newark, recipients include Delta’s Newark II LLC, Hospitality Concepts LLC, and the New Jersey Performing Arts Center, among others.

    10. What role will the grants play in the urban revitalization efforts of Atlantic City and Newark?
    The grants will play a crucial role in attracting investment, stimulating economic growth, and fostering vibrant downtown communities in Atlantic City and Newark.

    Definitions:
    – Real Estate Rehabilitation and Development Grants: Funding provided through the Activation, Revitalization and Transformation (ART) Program to support the economic recovery of cities by rehabilitating existing infrastructure, constructing new properties, and enhancing downtown areas.
    – Activation, Revitalization and Transformation (ART) Program: A program through which the Real Estate Rehabilitation and Development Grants are provided.
    – Urban Revitalization: The process of revitalizing and improving cities, typically involving improvements to infrastructure, redevelopment of buildings, and attracting investment.

    Suggested Related Links:
    Affordable Housing Grants in New Jersey
    NJEDA Emerging Technology Challenge Program