COMING SOON: The Washington Lofts
The Washington Lofts consists of a proposed six-story 242-unit mixed-use block redevelopment known as The Washington Lofts in Carteret Borough, Middlesex County, New Jersey.
The building will feature 2 retail units, 242 multifamily units, a rooftop terrace, interior amenities and parking garage. The property is 1.72 acres and is located in the Cooke Avenue Mixed-Use Redevelopment District. The building will feature 141 one-bedroom units with an average size of 832 square feet and 101 two-bedroom units with an average size of 1,171 square feet. The building will also feature a fitness center, lounge, elevators, bus stop lobby, and package delivery service for tenants. The retail unit consist of a 2,000 square foot of commercial space and a restaurant of 7,500 square foot.
Qualified Opportunity Zone (QOZ)
The Washington Lofts is located within the Qualified Opportunity Zone by the State of New Jersey and approved by the US Department of Treasury on April 9, 2018. The Opportunity Zones program was enacted as part of the 2017 federal Tax Cuts and Jobs Act and is designed to drive long-term capital investments into low-income rural and urban communities. This federal program provides opportunities for private investors to support investments in distressed communities through participation in Qualified Opportunity Funds. Investors can defer paying federal taxes on capital gains reinvested in Qualified Opportunity Funds that invest in low-income communities, under rules released by the U.S. Department of the Treasury. Reinvested capital gains are deferred from taxation until exit from a Qualified Opportunity Fund or December 31, 2026, whichever comes first. However, gains from Qualified Opportunity Fund investments held for the long term are taxed at reduced rates, with the rate reductions increasing at the 5, 7, and 10-year anniversaries. Any gains from Qualified Opportunity Fund investments held for at least 10 years will be permanently excluded from the capital gains tax.
Waterfront Park Ferry Terminal
Carteret has recently opened its municipal marina with boat slips. Additionally, the borough has proposed a walkway and ferry terminal at Waterfront Park along the Arthur Kill waterfront. The borough has obtained a federal grant of $6 Million in 2018 to finance the purchase of a 299-seat ferry to provide ferry service from Waterfront Park to Manhattan. There is also a grant of $4.3 million for the construction of the terminal. Construction on the ferry terminal is expected to be completed by September 2021 – March 2022. It is anticipated that the ferry boat(s) will be purchased during construction of the terminal. The ferry service will be a direct trip to two stops in New York City, which would take 45 – 65 minutes and a fare of $21.50 one-way. The two stops are anticipated to be at Wall Street and 39th Street in Midtown Manhattan. The Washington Lofts is approximately 0.6 miles to the proposed ferry terminal at Waterfront Park.