State Issues Request for Offers to Purchase and Redevelop the Former Taxation Building in Downtown Trenton
State Issues Request for Offers to Purchase and Redevelop the Former Taxation Building in Downtown Trenton
Attractive Real Estate Opportunity is Eligible for State Incentives; Potential Uses Include Residential, Commercial, or Retail
(TRENTON) – On behalf of the Department of the Treasury, the Capital City Redevelopment Corporation (CCRC) issued a request for offers to purchase and redevelop the former Division of Taxation building at 50 Barrack Street in downtown Trenton.
The ten-story, 230,000 square foot building is located at the corner of W. State and Barrack streets with expansive views of the Delaware River. The half-acre property is just steps from the State capitol, adjacent to many of Trenton’s historical and cultural attractions, and within walking distance to the Trenton Transit Center, which is served by Amtrak, New Jersey TRANSIT, the light rail River LINE, and Southeastern Pennsylvania Transportation Authority (SEPTA).
A building reuse study prepared for CCRC this spring finds the building to be well suited for a variety of reuses. The reuse study, available here, includes concepts for building exterior renovations, concept floor plans for various uses, renovation cost estimates, and an analysis of market conditions. The study also finds the building’s street level spaces to be suitable for retail, office, and commercial uses.
“With its prime location and promising redevelopment potential, the former Taxation building is ready to be a part of Trenton’s ongoing revitalization,” said State Treasurer Elizabeth Maher Muoio. “This project is a great example of the type of collaboration that was envisioned when Governor Phil Murphy established the State Capital Partnership. Treasury has been working closely with the CCRC, the City of Trenton, the New Jersey Economic Development Authority (NJEDA), and local stakeholders in readying this building for new life. After more than 50 years as home to the New Jersey Department of the Treasury’s Division of Taxation, Treasury stands ready to work with the next occupants to ensure that the rebirth of this building is not only successful, but comports with the overall vision of the many who call Trenton home.”
The building is located in an area eligible for enhanced state tax incentives through the NJEDA’s Aspire Program, which provides tax credit awards for ten years. Additionally, the selected respondent will have the option to seek a $4 million zero interest loan from CCRC.
Complete details on the request for offers to purchase and redevelop the property are available online. Responses from interested entities are due by 12 pm on October 10th, 2024.
The redevelopment of the property is a collaborative effort guided by the State Capital Partnership, which was established in 2018 by Governor Phil Murphy through Executive Order No. 40 in order to harness state support and resources to spur economic development in Trenton and help chart a new course for New Jersey’s capital city. The State Capital Partnership consists of a number of integral State agencies, the City of Trenton, and Mercer County and is designed to better coordinate and align resources in support of Trenton’s revitalization. The Partnership is overseen by the State Treasurer’s Office in coordination with the State Department of Community Affairs.
The Capital City Redevelopment Corporation is a State authority, in but not of the Department of the Treasury, that was created by statute to plan, coordinate, and promote public and private development within the Capital District, which consists of portions of downtown Trenton that serve as the commercial center of the community where public buildings and historic sites are located.
While the search for a new owner is underway, Treasury continues to operate and maintain the building.
