By Meg Fry
The town of Kearny has received a $3 million federal grant from the U.S. Economic Development Administration’s Public Works program to redevelop and improve Hackensack Avenue into a high performing “green” street, as the roadway serves as the primary entranceway to Kearny Point, a collection of more than 3 million anticipated square feet of coworking and flexible-use office space on 130 acres in South Kearny.
“To say that I am impressed with the local vision and the collaboration taking place here would be an understatement,” John Fleming, U.S. assistant secretary of commerce for economic development, said Thursday on-site at Kearny Point.
The EDA’s investment also will be matched by $1.3 million in local funds, Fleming added.
Fleming attributed the success of one of the largest adaptive reuse projects in the country to Wendy Kelman Neu, chairman, and CEO of New York City-based Hugo Neu Corp., with the ongoing redevelopment representing an expected $1 billion in public and private investment into the site over the next decade.
Hugo Neu Corp., a recognized global leader in recycling, is the owner and redeveloper of Kearny Point.
Neu said the announcement Thursday marked the celebration of an incredible milestone not only for Kearny Point but also for the long-term economic development goals of Kearny, as the funding goes toward a Tax Cuts and Jobs Act-designated Opportunity Zone.
U.S. Sen. Cory Booker (D-N.J.) said the federal grant was a wise investment in New Jersey infrastructure.
“The modernization of Hackensack Avenue will not only safeguard the area from future storm-related flooding but will strengthen pedestrian and biker safety and lay the foundation for the economic revitalization and improved quality of life that this community deserves,” Booker said in a statement.
According to Mike Meyer, director of development at Hugo Neu Corp., the redevelopment of the roadway will include…