New Opportunities for Urban and Distressed Areas

By: Ted Zangari, Esq. and Jaime Reichardt, Esq.

The newly enacted federal Opportunity Zone program could be a game changer for economic development and tax incentive policy here in New Jersey and across the country. The program provides a new avenue for directing investment into certain urban and distressed areas with significant tax benefits.

The Opportunity Zone program was enacted as part of the recently signed Tax Cuts and Jobs Act and provides an opportunity to defer current capital gains and reduce future gains for investing in certain funds organized to direct capital into businesses and property based in the specified zones. The designated zones are selected by the Governor of each state from certain eligible low-income community census tracts, or those eligible for New Market Tax Credit projects.Continue Reading Gov. Murphy Announces “Opportunity Zones” Recommended to Federal Government

The Superior Court of New Jersey, Appellate Division, recently affirmed an unpublished decision of the Law Division that reached two conclusions favorable to developers.  In that prerogative writ action, a resident asserted numerous challenges to the designation of thirteen properties as an area in need of redevelopment, pursuant to the Local Redevelopment and Housing Law.Continue Reading Appellate Division Affirms Pro-Developer Decision Regarding Redevelopment Area Designation

As seen on:  NJBIZ.com

The state assembly is set to vote Thursday on a bill that would allow developers to issue bonds backed by commercial development grants from the Economic Development Authority.

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As seen on:  TapInto.net

As East Brunswick embarks on a transformative redevelopment plan, its mayor has penned an excellent letter to his constituents on the subject of affordable housing that is worth re-posting here.

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On his last day in office, Governor Christie last week expanded the existing Hazardous Discharge Site Remediation Fund grant program by allocating funds to a much wider array of contaminated sites in  municipalities throughout the state.  The funds can now be used to identify, characterize and remediate blighted or underutilized properties, and developers can now consider those sites for ultimate redevelopment.

The Hazardous Discharge Site Remediation Fund was created in 1993 as part of NJ’s Brownfield and Contaminated Site Remediation Act and is administered by the NJ Department of Environmental Protection and the NJ Economic Development Authority.  Among other purposes, the fund provides grants to municipalities to investigate and clean up contaminated properties.  Funds are derived from a percentage of NJ’s Corporate Business Tax.Continue Reading Making Land in NJ: Legislature Breathes New Life into Environmental Cleanup Grants to Facilitate Brownfield Redevelopment

Proposed Legislation Would Permit Conversion to Mixed-Use Projects without Obtaining Use Variance

Legislation introduced this week in Trenton would provide a temporary relief period during which owners of certain underutilized shopping centers and office parks could qualify to convert such properties to mixed-use projects without the need to obtain a use variance from the host municipality.

The bill, A-5229, introduced by Assemblyman Louis D. Greenwald, would provide for a 25-month period commencing with the effective date of the bill during which a proposed mixed-use development would automatically be deemed a permitted use if certain criteria are met.  The legislation would override local zoning standards and permit developers to redevelop these stranded assets without the need for a use variance, allowing developers to seek required approvals from the local Planning Board if the required submission is made within the 25-month period.Continue Reading ADAPTIVE RE-USE: Relief on Tap for Owners of “Stranded” Shopping Centers and Office Parks

Why Redevelopment Is the State’s Best Viable Long-term Growth Vehicle

As seen on: Blog•RE (Rutgers Center for Real Estate Blog)

Ted Zangari, a Newark-based real estate and redevelopment attorney, is the head of the Smart Growth Coalition of New Jersey.  The committee met frequently this summer and in the fall to develop a set of…

As seen on: ROINJ

When it comes to discussing factors involved in retaining and attracting companies to a region, Ted Zangari likes to quote the famous New York City businessman who made a fortune before making a surprising entry into politics.

No, not that one.

Zangari, a member at Sills Cummis & Gross P.C. and…