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Originally Published: 10/12/2022

(TRENTON, NJ) — On October 12, 2022, the New Jersey Economic Development Authority (NJEDA) The Board approved the granting of Historic Property Reinvestment Program (HPRP) tax credits to support the rehabilitation of Loew Theater in Jersey City. This project, which marks the first HPRP award, is expected to result in the complete rehabilitation of the historic theater for use as a live performance, movie and entertainment venue. The Board authorized the award of $42.27 million in tax credits, which represents 45 percent of the eligible cost of the project, which has a total estimated cost of $110 million.

Created under the New Jersey Economic Recovery Act of 2020, the primary focus of the HPRP is historic preservation as a component of community development, with the goal of attracting long-term private investment to New Jersey while preserving historic properties throughout the state.

“By supporting projects like the revitalization of Loew’s Theater into vibrant community assets, we are ensuring the long-term growth of local economies while preserving the history of iconic properties within New Jersey neighborhoods,” said Governor Phil Murphy. “New Jersey’s rich entertainment history is one of our greatest assets and it is imperative that we continue to invest in our communities and allow them to maintain their historic structures.”

The HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to encourage and reinforce long-term private investments focused on the rehabilitation of existing identified historic structures throughout New Jersey. The program incentivizes work that can significantly contribute to the revitalization of cities and downtowns to make them more vibrant magnets for people and investment, while preserving often underutilized historic properties and returning them to use. productive.

“The long-awaited revitalization of Loew’s Theater will be a tremendous economic engine leading to maintaining the property’s historic integrity while offering new generations of New Jerseyans access to the performing arts,” said NJEDA Executive Director Tim Sullivan. . “Governor Murphy has prioritized equitable and inclusive economic development and the HPRP is an important tool in achieving that goal as we work to improve the quality of life for residents across the state.”

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As planned, the proposed Loew’s Theater Rehabilitation Project will be a state-of-the-art building, 21St.19th century event space that will enhance the cultural, artistic, and community vibrancy of the Journal Square district, fostering economic prosperity in the neighborhood. Upon completion, the theater is anticipated to host around 150 events a year, in addition to various community programming events.

“Today’s NJEDA announcement is a testament not only to the growing value of historic redevelopment, but also to the importance of preserving the arts and culture in our communities,” said Jersey City Mayor Steven Fulop. “Loew’s Theater has remained a major focal point here in Hudson County for nearly 100 years, and its transformation into an entertainment center is a pivotal point for the ongoing renaissance in Jersey City and our efforts to revive Journal Square. We are very grateful to Governor Murphy and the NJEDA for their commitment to seeing historic properties become thriving cultural centers and for recognizing our efforts to restore this critical community asset.”

Mayor Fulop noted that the Loew’s Theater rehabilitation work includes the exterior of the building, all public spaces, stage and support spaces, and modifications and upgrades to the mechanical, electrical and plumbing systems. Additionally, a new three-bay loading dock will be added to the rear of the theater and a cafeteria will be added along the south alley. Significant interior and exterior finishes will be rehabbed or replicated where irreparably damaged. All work is being reviewed by the Jersey City Historic Preservation Commission, the New Jersey Office of Historic Preservation and the National Park Service, and will follow the Secretary of the Interior’s Regulations for the Rehabilitation of Historic Properties.

“The HPRP marks the first time New Jersey has offered support specifically designed to rehabilitate historic buildings for 21 years.St. use of the century while ensuring its historic integrity remains in place, so this is a very exciting day for Historic Preservation in the state,” said NJEDA Director of Historic Preservation Aidita Milsted. “We have seen a great response to this program and look forward to bringing additional Community Development projects to the NJEDA Board in the coming months.”

Milsted noted that the 2023 application round for the Historic Properties Reinvestment Program is expected to begin accepting applications for Regular and Transformative Projects on Wednesday, February 1, 2023 at 10:00 a.m. The application round will close at 2:00 p.m. on Monday, April 3, 2023.

The New Jersey Economic Development Authority (NJEDA) serves as the state’s lead agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and vibrant communities, create good jobs for New Jerseyans, and provide pathways to a stronger economy and fair. Through partnerships with a wide range of stakeholders, the NJEDA creates and implements initiatives to improve economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

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