NJ tax credit could help private construction

TRD New York /
Dec.December 30, 2010 12:26 PM

George Filopoulos and Jersey City Medical CenterA proposed bill awaiting approval in the New Jersey Senate would allow the state to join 31 others in providing property tax incentives to developers working on historic buildings, highlighting the role that the public sector is playing in private construction projects, according to the Wall Street Journal. Developer George Filopoulos is hopeful that it will be approved and help him continue his redevelopment of the old Jersey City Medical Center into a 14-acre mixed-use complex that he has named the Beacon. The conversion of the 10-building medical complex could qualify for as much as $87 million in tax credits. “Especially today, anything we can do to reduce the amount we have to borrow from the bank is essential,” Filopoulos said. Filopoulos — who has been working on the project since 2003 — has already converted two of the buildings to luxury apartments and built 45,000 square feet of amenities, including a pool and fitness center. Over the next five years, he hopes to add an additional 1,000 units. Filopoulos’s company, Metrovest Equities, is also awaiting a separate $15 million tax credit for the Beacon from the federal government that has been tied up for months in Congress. [WSJ]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Alliance Chairman Bruce Ward and Greystar Chief Executive Bob Faith (Greystar, Alliance)

Greystar adds 130K units to management portfolio in $200M deal

Greystar adds 130K units to management portfolio in $200M deal
“People are looking for that bubble”: Brick Underground’s Teri Rogers on a residential market under lockdown

“People are looking for that bubble”: Brick Underground’s Teri Rogers on a residential market under lockdown

“People are looking for that bubble”: Brick Underground’s Teri Rogers on a residential market under lockdown
Prominent New York City retail spaces — including the Macy’s flagship store and Fifth Avenue retail corridor — were hit by widespread looting on Monday night. (Getty)

Macy’s, 5th Ave retail ransacked by looters on NYC’s first night of curfew

Macy’s, 5th Ave retail ransacked by looters on NYC’s first night of curfew
(iStock)

New Yorkers’ exodus could unravel rent regulation

New Yorkers’ exodus could unravel rent regulation
Vacasca CEO Matt Roberts (middle), Silver Lake's co-CEO’s Egon Durban (left) and Greg Mondre (right)

Vacasa gets $108M lifeline from Airbnb’s rescuer

Vacasa gets $108M lifeline from Airbnb’s rescuer
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...