Funds will be used to purchase two vacant Roosevelt Avenue properties
once slated for a hotel
CARTERET, NJ – The New Jersey Economic Development Authority recently approved a $1.5 million competitive Local Property Acquisition Grant to purchase several vacant properties at 1179 and 1235-1239 Roosevelt Ave. in the West Carteret Redevelopment Zone, Mayor Daniel J. Reiman announced.
The funds will enable The Carteret Redevelopment Agency (CARA) to acquire the adjacent properties. Vacant and abandoned since 2018, the properties were at one time approved for a hotel that the owner subsequently was unable to construct. The hotel approvals all now have expired, the Mayor said.
“We are extremely grateful to Gov. Murphy, the NJEDA and its executive team led by Tim Sullivan, for this vital financial support in redeveloping West Carteret,” Mayor Reiman said. “The acquisition of the site and future development will have a significant impact on the community and the local economy. In addition to the creation of local jobs, the project will benefit the community by providing easier access to goods and services.”
In an NJEDA new releases, CEO Tim Sullivan said, “Since taking office, Governor Murphy has been dedicated to boosting the economic prospects of New Jersey’s communities, creating jobs for local residents, and generating vital tax revenue for municipalities. The projects supported through the Local Property Acquisition Grant Program will help advance local economic development initiatives throughout the state by transforming unused real estate into vibrant commercial spaces and community hubs.”
The proposed redevelopment is in line with the Middlesex County initiative to revitalize walkable town centers, downtowns and commercial corridors. The project is part of the West Carteret Minue Street Retail Redevelopment Plan, which was enacted in 2005 and includes the 30,000-square-foot P.C. Richard & Son superstore and adjacent state corporate headquarters.
Formerly a two-story retail structure and a single-story restaurant, the adjacent properties at 1179 and 1235-1239 Roosevelt Ave. were demolished by Ria Hospitality to make way for the hotel that never came to fruition, said Eric Chubenko, CARA’s executive director since its founding in 2000.
“These properties are long overdue for redevelopment,” Chubenko said. “We look forward to helping to reshape Carteret with this project with more commercial and residential opportunities.”
CARA has invested in hundreds of redeveloped properties throughout the Borough, including Carteret Performing Arts & Events Center, the successful multi-use properties The Botanic, 29 Washington Avenue, and The Gateway, and the forthcoming 21 Washington Avenue multi-use.
The Local Property Acquisition Grant Program is a competitive grant program that deploys $24 million by providing funding to eligible applicants for the acquisition of a vacant site, building, facility or a collection of properties in order to facilitate and enable future redevelopment.
Updates about the project will be available at Carteret.net or by following @MyCarteret on Facebook, Instagram, and X.
