Listen to this articleThe basics:
- NJEDA approves up to $359M in Aspire tax credits for HELIX Phase 3
- H-3 tower to rise 42 stories with residential, office, labs & housing
- Project consolidates Rutgers WINLAB, ESRG research facilities
- Mixed-use HELIX development to supports +4,000 people across 1.5M sq. ft.
Completing a trio of awards for the developing New Jersey Health + Life Science Exchange in New Brunswick, the New Jersey Economic Development Authority cleared HELIX Phase 3 for tax credits under the state’s Aspire Program.
H-3 will rise 42 stories comprising nearly 560,000 square feet featuring affordable residential units, commercial office space and specialized laboratories along with housing for Rutgers School of Medicine students.
NJEDA announced clearance of incentives for the project Nov. 17. The applicant, Downtown HUB Associates III LLC – owned by New Brunswick Development Corp. (DEVCO) and Pennrose Holdings LLC – received a tax credit award of up to 80% of the total project cost, not to exceed $359.3 million.
Complete package
The agency approved H-1 for up to $271 million in credits in 2023. Then, H-2’s up to $103 million in Aspire awards came this past March. Altogether, the public-private partnership will consist of three separate buildings with a total 1.5 million square feet of space within close proximity to the New Brunswick train station.
At 12 stories, H-1’s more than 573,000 square feet will house the New Jersey Innovation HUB, research laboratories for Rutgers University’s translational research effort and a new medical education facility for the Rutgers Robert Wood Johnson Medical School. Nearing completion, the project expects to debut next year. H-2, which broke ground in September, will add a 10-story, 350,000-square-foot tower to house Nokia Bell Labs.
Commenting on the approval, Gov. Phil Murphy said the awards for this next phase of HELIX represent a key milestone in efforts to develop New Jersey’s innovation economy.
H-3 will include four main components:
Residential
- Covering 298,390 square feet with 265 units
- Mix will feature 212 market-rate residences (studios, one- and two-bedroom options) and 53 affordable units (studios; one-, two- and three-bedroom options)
- Amenities to offer gym, coworking and lounge spaces, communal kitchen, billiards room and outdoor terrace
Rutgers WINLAB & ESRG Research Facilities
- 33,620 square feet of space to consolidate Rutgers University’s Wireless Information Network Laboratory (WINLAB) and Energy Storage Research Group (ESRG)
Office space
- 178,522 square feet that Middlesex County will lease to accommodate various departments and administrative functions
Rutgers School of Medicine Student Housing
- 52,304 square feet of purpose-built housing to establish a live-and-learn environment among researchers, entrepreneurs and faculty cross HELIX
“The HELIX continues to redefine what’s possible for New Brunswick and for our entire state,” said New Brunswick Mayor Jim Cahill.
Place-based economic development program Aspire launched under the New Jersey Economic Recovery Act of 2020. Legislation signed at the start of this year tweaked the program. It aims to support mixed-use, transit-oriented development by offering tax credits to both commercial and residential real estate development with financing gaps.
“By the end of 2028, the HELIX will encompass 1.5 million square feet, representing an investment of over $2 billion. More than 4,000 people will be researching, working, living, and learning as part of this dynamic ecosystem,” said DEVCO President Chris Paladino. “It will be a place where creative collisions spark new companies, drive innovation, and fuel growth across New Jersey’s economy, exceeding even our highest expectations.”
The H-3 award closely follows Aspire incentives totaling $93 million. Earlier this month, NJEDA announced the City of Paterson’s first approval under the program, as well as the inaugural industrial project to receive support. The latter clears up to $56.5 million for Meadowlands Logistics Center LLC in Secaucus.
Other major projects to receive awards include:
