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Atlantic City and Newark Receive $25 Million in Grants for Rehabilitation and Real Estate Development

Atlantic City y Newark reciben $25 millones en subvenciones para rehabilitación y desarrollo inmobiliario

Atlantic City and Newark have been awarded a combined total of $25 million in grants for rehabilitation and real estate development. These funds, provided through the Activation, Revitalization, and Transformation (ART) Program, aim to support the economic recovery of these cities, which were severely impacted by the pandemic.

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

Tim Sullivan, the CEO of the New Jersey Economic Development Authority (NJEDA), 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 deteriorated properties, with the aim of attracting businesses, workers, and residents back to urban centers.

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

Approved grant recipients 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 funds. In Newark, beneficiaries include Delta’s Newark II LLC, Hospitality Concepts LLC, and the New Jersey Performing Arts Center, among others.

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

Definitions:

– Grants: Funds provided to support a specific project or initiative.
– Rehabilitation: The process of restoring or improving an existing property or infrastructure.
– Real Estate Development: The creation or renovation of properties for residential, commercial, or mixed-use purposes.
– Governor: The chief executive of a state government.

Suggested Related Links:
– njeda.com
– cityofatlanticcity.org
– newarknj.gov