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.

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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.