Kearny Point Building 78 Annex

Location: Kearny, New Jersey

Closing Date: January 30, 2020

Project Description & Impact: The rehabilitation of the “Annex” is half of an existing building within a much larger, multi-building revitalization effort Hugo Neu is undertaking on a former shipyard known as Kearny Point. Once one of the most prolific wartime ship-making facilities, Kearny Point is now one of the most significant adaptive reuse initiatives in the region. Today it is a burgeoning sustainable work campus home to a diverse community of creative businesses. Upon completion, the Annex will create an estimated 250 additional permanent local jobs by providing approximately 90,000 square feet of flexible office space.

The Annex’s office space caters to small businesses, start-up and entrepreneurial companies— in particular, many minority- or women-owned businesses and non-profit organizations. The space also targets businesses working to develop and commercialize technologies and services advancing energy conservation, alternative energy, resiliency, stormwater management, preservation, and restoration of natural resources.

The Annex incorporates innovative, eco-sensitive construction and healthy regenerative water and flood resilience, recognizing a greater need for climate intervention through responsible development practices. The construction of the project is anticipated to create an additional 250 full-time equivalent construction jobs in the area.

Client: Hugo Neu Corporation

Financing Tools Used: NMTC financing, QOZ financing