Another State Enters Ring to Win Amazon HQ

According to project developer Lotus Equity, the proposal outlines the redevelopment of Newark’s riverfront for HQ2, Business Insider reported.

📅   Wed October 18, 2017 - National Edition
Emily Buenzle


According to Amazon, its new HQ2 will bring about 50,000 jobs and $5 billion in construction to the location it chooses, and with its proposal deadline just a day away on Oct. 19, Newark, N.J. has slid in just in time, Business Insider reported.
According to Amazon, its new HQ2 will bring about 50,000 jobs and $5 billion in construction to the location it chooses, and with its proposal deadline just a day away on Oct. 19, Newark, N.J. has slid in just in time, Business Insider reported.

As the deadline for proposal submittals draws near, New Jersey has jumped into the fight for Amazon's second headquarters.

According to Amazon, its new HQ2 will bring about 50,000 jobs and $5 billion in construction to the location it chooses, and with its proposal deadline just a day away on Oct. 19, Newark, N.J. has slid in just in time, Business Insider reported.

Amazon has indicated that among other factors, it will be looking at the incentives an area can offer when deciding which location it should ultimately choose. Gov. Chris Christie's office said in a statement Oct. 16 that the Christie would like to offer $7 billion in possible tax incentives for Amazon if it chooses Newark as its second home. This would include the expansion of Grow NJ, a subsidy program, and would raise the cap on subsidies from $5,000 to $10,000 for every job the company creates, Business Insider reported. According to the Observer, the incentives could climb as high as $5 billion over the next 10 years, with the rest of the tax breaks coming from:

  • $1 billion in a city property tax subsidy, and
  • $1 billion waiver on wage taxes over 20 years for Amazon employees.
  • According to project developer Lotus Equity, the proposal outlines the redevelopment of Newark's riverfront for HQ2, Business Insider reported. However, the revitalization of the area will occur if Amazon chooses that site or not. The extensive project covers more than 11 acres of property in the city's downtown area, and has been designed by four architecture firms. The plans include:

  • 1,800 housing units
  • a 150,000-sq.-ft. hotel
  • retail space measuring 100,000 sq. ft.
  • a 30,000-sq.ft. food hall
  • 30,000 sq. ft. of public space
  • as many as 3,000 packing spots
  • up to 2 million sq. ft. of commercial space, and
  • the demolition of the old New Jersey Bears stadium.
  • Lotus Equity has not yet said when it will break ground, Business Insider reported.