NEW BRUNSWICK, NJ - The bid for tax exemption status of a nine-story, mixed use building on Easton Avenue received a stamp of approval from the City Council, in a 4-0 vote at its Sept. 20 meeting.
Under the agreement, 78 Easton Ave. Urban Renewal LLC, a subsidiary of the Missouri-based Collegiate Development Group of St. Louis, Mo, will pay $1.1 million annually in lieu of taxes over the course of 30 years, said city spokesperson Jennifer Bradshaw.
Currently, the property at 78 Easton Ave. houses a three-story medical building and generates $74,727 in property taxes annually, Bradshaw said. The site sits on less than one acre of land and was once home to a fraternity house.
According to the ordinance, the tax exemption is “essential to the project” and development “would not be feasible” without it.
In June, the developer received the zoning board’s go-ahead for the 181-unit apartment building and 9,000 square feet of street-level retail.
The company hopes to market the 115-foot tall structure primarily to Rutgers University students, and amenities would include a fitness area, outdoor courtyards, lounges, game rooms, key-card access and on-site property maintenance.