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Business planning moves forward real estate project in New Jersey

A lot of commercial real estate developers had to postpone, and in some cases scrap, plans they had shortly before the recession began. Many of those projects may never again have gained steam. However, one project here in New Jersey may finally be getting off the ground with some patient business planning.

The company bought the land for the project back in 2008. However, there were many years where the economic conditions just weren't right for proceeding with the project. Now, with the help of some tax breaks and bond funds primarily from the state of New Jersey, the project has new life. The company is being given $23.8 million in tax credits from the Urban Transit Hub program and another $8.3 million from the Economic Redevelopment and Growth Grant program. The company also receive additional monies up to $6.5 million from the city in which the project is being built.

Tucker Development is building a ShopRite, several residential units and other shops, restaurants and even a bank on the land they purchased back in 2008 that is located in Newark. The development would bring around 300 part time jobs and nearly 95 full time jobs for those in and around Newark. Tucker Development is hoping they will be able to break ground on the project by the end of this year with the first phase being completed sometime in 2015.

It can take a lot of patience and vision to wait until the time is right to begin a new project. Without good business planning, this project may have died before it even had a chance to succeed. Once a company has all of the business and legal requirements of a project handled, it may be necessary to consider any adverse economic conditions before starting the project in order to ensure it has a chance at success.

Source: nj.com, State awards $38 million in tax breaks for Newark project, Tom De Poto, Oct. 8, 2013

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