A retail renaissance amid a recession by ProQuest


Upon completion, the six-year, four-phase project will consist of four buildings with more than 1,200 residential units - 20 percent of which will be designated as affordable housing - 250,000 square feet of retail space and 2,500 indoor parking spaces, according to the developer. According to a feasibility study the Jersey City Economic Development Corp. commissioned in 2006, some $50 million leaves the community every year for groceries and dining, she said.

More Info
									                                                                                                                                                                                        Funding is out there
          THIS       WEEK

                                                                                                                                                                                                     even in a recession,
                                                                                                                                                                                                   startup companies with
                                                                                                                                                                                                       bright ideas can
                                                                                                                                                                                             still find financial backers. Page 17

                                                                                                                                              ®                                                        TECHNOLOGY SPOTLIGHT

Businesses that pay workers under the                                                                                                                   $2.00                            July 20, 2009                      www.njbiz.com

                                             Income tax surprise: Hike is retroactive
table may face license suspension or
revocation if a proposed bill passes the
state Legislature.
Page 6

Finance                                      CPAs complain the state didn’t publicize that increase will date back to Jan. 1                                                                            payers to flee new jersey?” he asked.
                                                                                                                                                                                                        “this is a onetime only increase that
                                                     By MartIn C. DakS                                                                                 their budget projections and means               affects a small fraction of the top
                                             WeAltHy BUsiness oWners up-                   n Not remitting payroll tax could lead                      more work for business owners, indi-             income earners in new jersey.”
                                             set by a hike in new jersey’s personal        to license suspension. Page 6                               viduals and their financial advisers,                 But former new jersey resident
                                             tax rates also are steamed over a little-     n Tax increase will slam state’s                            who have to revise the budgets and               Frank Farese said the state’s spiral-
                                                                                           S corporations. Page 6
                                             noticed provision in the increase: it’s                                                                   their estimated tax payments.”                   ing tax rates were a decisive factor in
                                             retroactive to the beginning of 2009.       paying high taxes,” said rosen, who                                the increase affects about                  his decision to move to florida.
                                             CPA Gail Rosen said the tax increase        has a practice in the martinsville sec-                       61,300 of the state’s 3.9 million                     “it got to the point where my
From startup to growth companies to          will motivate high-wage residents           tion of Bridgewater. “When i have                             income tax filers, said state treasury           state income and property taxes were
industry veterans, find out how financing    to move out, but the state treasury         to tell clients that the tax increase is                      spokesman Thomas Vincz.                          hurtling out of control,” said farese,
strategies evolve along the way.             department disputes that view.              retroactive, they get really upset, and                            “on what basis are CPAs arguing             who was a client of rosen’s when he
Page 10                                            “new jersey residents are already     some talk about moving. it topples                            that the increase would provoke tax-                         ➤➤   See tax on page 4

Sales Tips
Page 12

Opinion                                      A retail renaissance amid a recession An outlet
                                                                                                                                                                                                        for jobs in
Our Point of View: New Jersey legislators
                                                                                                              Christina Mazza

should listen to the needs of business       Mixed-use project in Jersey City taking
owners before they jump ship to              redevelopment beyond the waterfront
neighboring states with smaller taxes.
Also, Political Exchange, Corner Office
and Letters to the Editor.
Page 14
                                                                   By EvElyn lEE
                                             A mAjor residentiAl and retail project preparing for
                                             construction in jersey City is being viewed as the catalyst
Spotlight                                    for the revitalization of a once-thriving retail corridor in                                                                                               Those with cutting-edge
                                             the city. But the project faces a tough retail climate, and                                                                                                training can still find work
                                             difficulties with filling the avenue’s other retail spaces
                                             may be a stumbling block to the revitalization effort,                                                                                                          By João-PIErrE S. ruth
                                             some insiders said.                                                                                                                                        lAyoffs mAy mAke technology
                                                   By early september, local developer Whiton Street                                                                                                    professionals believe their careers
                                             Associates LLC expects to begin construction on the                                                                                                        have crashed like an overworked hard
                                             first phase of the monticello, a $350 million redevelop-                                                                                                   drive, but the need for experts in the
                                             ment project planned to span four blocks on monticello                                                                                                     sector remains strong.
Want to l
To top