Major Newark Development Project Gets $52 Million Tax Break

The state of New Jersey Tuesday agreed to more than $50 million in tax breaks for a development project to be located near Newark’s Broad and Market streets, one of the busiest commercial intersections in the state, NJ.com reported.

The state Economic Development Authority has awarded grants from two different programs to The Four Corners Millennium Project, under which developers would build a 130-room hotel, 800 apartments, and retail space, including at the Paramount theater site on Market Street.

The $410 million project brings together a number of entities that have worked on other developments in the city, including the RBH Group, which built Teachers Village, and investment bank Goldman Sachs, which has provided financing for projects including Teachers Village and a Whole Foods grocery store, which is being built at the former Hahne’s building on Broad a few blocks north of Market.