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ASBURY, NJ, May 7, 2008 – J.G. Petrucci Company, Inc. (“JGPCO”), one of the New Jersey and Pennsylvania region’s most respected development and design/build organizations, has been selected by the City of Trenton, New Jersey as redeveloper for an approximately seven-acre tract situated at the border of Trenton and Lawrence Township. Known as the Enterprise Avenue Redevelopment Area, the site consists of two former industrial properties, Carter Wallace and Federated Metals, located in the northeastern section of Trenton. The Redevelopment Area has easy access to Route 1, and is adjacent to Assunpink Creek, on the east side of Enterprise Avenue.
The site further benefits from its location within Trenton’s Urban Enterprise Zone (“UEZ”). Businesses that become a part of this program can be eligible to receive low interest loans and grants through approval of the State UEZ Board. For example, UEZ businesses can save substantially on the cost of new construction or rehabilitation in the Zone because building materials are 100% exempt from the State Sales and Use Tax. Additional tax incentives offered by the UEZ Program include a 50% reduction in unemployment insurance taxes and up to $1,500 in tax credits against the New Jersey Corporation Business Tax for hiring new employees.
The redevelopment plan for the site envisions an attractive, light industrial/commercial center, the overall goal of which is to attract businesses to the area in order to boost the economic success of the neighborhood and surrounding region. As part of the project, a public greenway will be constructed and a rail spur will be relocated, leaving approximately seven (7) acres available for development. A significant component of the Redevelopment Plan is the call for green and sustainable design elements.
JGPCO anticipates constructing two (2) 54,000 square foot industrial facilities housing two to four tenants. Greg Rogerson, a Principal with JGPCO, stated, “It is expected that when the project is completed, the two new facilities will generate between 80 and 100 permanent new jobs.”
Sasa Olessi Montaño, Director, Department Of Housing and Economic Development for the City of Trenton, stated, “The City of Trenton has made a strong commitment to the success of this project. Thus far, the former structures at Carter Wallace have been demolished, permits for work have been obtained, and environmental investigation work has been conducted. Trenton has also entered into a Remediation Agreement with the DEP, and is in the process of removing contaminated soil from the site.” She added, “The City has also gone to bid for significant streetscape and infrastructure improvements and, among other things, we will construct and maintain a greenway along the Assunpink Creek, which will serve as a buffer between recreational space that we will create as part of the Redevelopment Area and the light industrial activities.”
About J.G. Petrucci Company, Inc.
J.G. Petrucci Co., Inc (“JGPCO”) is a privately-held developer/builder with more than 21 years experience in the design/build, development, re-development and acquisition of commercial, educational, healthcare and other properties. In addition, JGPCO is recognized as a leader in both the New Jersey and Pennsylvania markets with a client and tenant roster that includes Merrill Lynch, Weyerhaeuser Co., Federal Express, Cryovac/Sealed Air, Gargiulo Produce, Westfield Medical Center, Flemington BMW and Schuetz Containers, among others. JGPCO presently holds an investment portfolio of over 3 million square feet of prime industrial, retail and office space. The firm is based in Asbury, New Jersey and also maintains offices in Bethlehem, Pennsylvania. For additional information on J.G. Petrucci Co., Inc., please visit our website at www.jgpetrucci.com.
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