This initiative improves opportunities for and facilitates large-scale redevelopment in Trenton’s industrial areas to help create a more sustainable diverse economy in the city with new employment opportunities. It is a combined effort to make land available specifically for industrial development and its unique infrastructure requirements, make it known that the available land exists, assist with acquiring the land, and facilitate the land development process. To do this, the City must acquire and assemble lots to create parcels larger than 60,000 SF, and ensure those parcels have adequate parking and good highway access. The City must also make it known – through marketing efforts - that the available land exists, and ensure that its regulations facilitate the land development process. The availability of the NJ Real Estate Impact Loan program may be particularly advantageous, in part because the low-interest loan can be used for site acquisition, demolition, and environmental remediation. This program provides an opportunity for a public-private partnership with large industrial developers who can access these loans.
To carry this out, the City must encourage the redevelopment of key parcels in the vicinity of Route 1 and New York Avenue targeted for industrial development. Many redevelopment opportunities exist in this vicinity, including a portion of Capital Health’s 750 Brunswick Avenue campus, which has a surplus of land from underutilized parking lots and abuts vacant/underutilized properties along New York Avenue. This area would be ideal to accommodate more traditional light industrial users, such as recyclers and warehouse companies, as well as med/tech companies, small manufacturers, and startups. In addition, the completion of the Oak Street Corridor Project would provide improved access to Route 1 and creates the potential for a regional freight center. As a result, the City should coordinate this initiative with the Improve Network Connectivity Initiative
identified in the Circulation Report.
More generally, creating development sites will require an assessment of where development is best suited and what parcels would need to be acquired and assembled. Such an effort should include the identification of priority sites for brownfield remediation. This information must be marketed to attract desired industries and appropriate users. At the same time, the City must explore enhancing these sites through transportation improvements and modify any regulations or procedures that will inhibit development (i.e. reduce "red tape"). Those sites that the City cannot assemble should be marketed to companies that could accommodate a smaller building footprint.