Come on in… the market’s fine!
Despite a poor national economy, Carteret, NJ has found a way to develop and grow steadily over the past ten years. Moody’s recently lauded the borough’s “…sound financial position supported by strong management, moderately-sized and expanding tax base,” and emphasized our redevelopment efforts as a defining contributor to our A1 standing. We are seeking good retailers, investors, and developers who want to join in our growth; are you interested?
Avenues of opportunity
We are recreating a walkable downtown along Washington Avenue that will feature a restaurant row, traditional retail, and great new public facilities including a library/multimedia center, our fantastic restored Borough Hall, and the brand new Health & Wellness Center that draws visitors from all over the county.
We are building a regional retail destination on West Roosevelt Avenue, near exit 12 of the NJ Turnpike, that will concentrate home furnishings, kitchen & bath improvement, and electronics retailers who benefit most by our reduced sales tax (3.5%) advantage. P.C. Richard has already opened their warehouse store and discovered the power of drawing retail customers from the Turnpike.
We have reclaimed the public waterfront where East Roosevelt Avenue nears the Arthur Kill. The public pier and park shall be joined by a marina and mixed-use development on the waterfront. We are also developing a Passenger Ferry operation here—the site is only 15 nautical miles from lower Manhattan.
You’ve got a friend in government
We go out of our way to help you build your business in Carteret, with:
- Tax exemptions: businesses enrolled in the Urban Enterprise Program enjoy tax-free purchases for construction, renovation, and business needs. Their customers pay reduced sales tax (3.5%). We also offer employee tax credits, and Corporate Business Tax credits.
- Matching grants for improved facades, signs, and awnings
- Marketing grants and start-up grants for small businesses
- Micro loans, offered by the Carteret Business Partnership, Inc. improvement district.
- Live Where You Work: Carteret is one of only 38 NJ municipalities that can offer this State incentive of low-interest mortgage loans to homebuyers who also work in Carteret.
- You are not alone: Open a business in Carteret, and you’ll have an active partner in government to help you market. We not only promote the district and its businesses, we also manage the retail mix through targeted recruitment. Click here to see some samples of our recruitment marketing materials.
By the numbers: Market Data
In the news
Gateway of Carteret nears completion
Carteret’s Refunding Bonds get A1 rating from Moody’
Electronics Store Celebrates Grand Opening in Carteret