CityWorks in the Press
State OKs loan for Neptune redevelopment
Published in the Asbury Park Press 10/27/06
By:Michelle Sahn
NEPTUNE -- CityWorks has been approved for a $22 million low-interest state loan for its West Lake Avenue redevelopment project.
The Trenton-based nonprofit redeveloper, chosen by the township for the project, will use the money to construct a three-story building that will include 60,000 square feet of office space and 16 condominium units.
"Getting the money allows the project to move forward and allows it to remain affordable," Mayor Thomas J. Catley said. "Everybody has plans, but when you get the funding to back up those plans, that's a major step in the right direction."
The low-interest loan was approved by the New Jersey Economic Development Authority's New Market Tax Credit Loan Program. The West Lake Avenue redevelopment plan calls for the revitalization of a four-block stretch between Route 35 and the Asbury Park boundary in Neptune's Midtown section.
The project calls for stores, office space, housing, a park and off-street parking.
Published in the Asbury Park Press 10/27/06
By:Michelle Sahn
NEPTUNE -- CityWorks has been approved for a $22 million low-interest state loan for its West Lake Avenue redevelopment project.
The Trenton-based nonprofit redeveloper, chosen by the township for the project, will use the money to construct a three-story building that will include 60,000 square feet of office space and 16 condominium units.
"Getting the money allows the project to move forward and allows it to remain affordable," Mayor Thomas J. Catley said. "Everybody has plans, but when you get the funding to back up those plans, that's a major step in the right direction."
The low-interest loan was approved by the New Jersey Economic Development Authority's New Market Tax Credit Loan Program. The West Lake Avenue redevelopment plan calls for the revitalization of a four-block stretch between Route 35 and the Asbury Park boundary in Neptune's Midtown section.
The project calls for stores, office space, housing, a park and off-street parking.
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