Capital City Redevelopment Corporation Announces Investment Initiative to Rehabilitate Vacant Buildings in Downtown Trenton

Capital City Redevelopment Corporation Announces Investment Initiative to Rehabilitate Vacant Buildings in Downtown Trenton

(TRENTON) - The Capital City Redevelopment Corporation is launching the Trenton Revitalization Investment Fund to invest up to $1.7 million in the rehabilitation of vacant buildings in the Capital City District in downtown Trenton.

The Trenton Revitalization Investment Fund, or T-RIF, is intended to accelerate public-private investment and reinvestment in under-utilized buildings that include mixed residential-commercial-retail uses; mixed commercial-retail uses; or 100% commercial uses in the Capital City District. T-RIF funds will enable CCRC to become an equity investor in redevelopment projects located within the Capital City District. For each project funded through T-RIF, it is expected that the proposer and CCRC shall form a new business entity and that the proposer will become the managing member of that entity. CCRC will consider investing up to $600,000 per project, and the private development partner must commit to a minimum equity co-investment of at least $200,000.

By becoming an equity investor in private redevelopment projects, CCRC will be furthering its missions and goals to increase the residential population of the Capital City District, increase demand for local businesses, increase the City's tax base, and activate vacant buildings.

A Notice of Investment Opportunity is posted on the CCRC website and provides the details on the process by which investment opportunities should be proposed to CCRC; how investment opportunities will be evaluated by CCRC; how partnership agreements between CCRC and respondents will be prepared and approved; and other details of the program's implementation. Responses to the Notice of Investment Opportunity will be accepted on a rolling basis.

Questions about the investment program can be submitted by email to [email protected].

ABOUT THE CCRC The Capital City Redevelopment Corporation promotes the public and private development of the Capital District, with the goal to enhance the vitality of the district as a place of commerce, recreation, and culture. CCRC works to preserve and restore historic sites in the district, as well as invest in and support new public, recreational, and cultural facilities. Prior to the Murphy Administration, the CCRC had not been active for several years. After being identified as a mechanism to aid in Trenton's revitalization, the New Jersey Department of the Treasury made strides to strengthen the CCRC as one element of bolstering the partnership between the State and City of Trenton with the shared goal of supporting the Capital District.