Project Gets $1M Federal EDA Grant

LAKEWOOD, NJ-The US Department of Commerce has awarded a $1 million Economic Development Administration grant to the Township of Lakewood and Cedarbridge Development Corp. The money will go for road, water and sewer infrastructure improvements relating to the development of Cedarbridge Corporate Campus, a 185-acre mixed-use business park.

The campus will feature up to 1.5 million sf of class A space on 14 lots that are being marketed for sale, lease or build-to-suit. The site, which is within both an urban enterprise zone and a foreign-trade zone, borders FirstEnergy Park, home of the minor league Lakewood BlueClaws baseball team. Some 200 acres of pristine pine forest are also adjacent.

The federal grant comes on the heels of an earlier $4 million economic development grant from the State of New Jersey, which is also designated for infrastructure improvements. The combined monies are expected to get first phase work underway by the end of the year, including the bidding and construction of infrastructure. A 15-year build-out is anticipated.

Cedarbridge Development Corp. is a partnership of several entities led by Picus Associates as project manager.