Website connects national investors with NJ projects

The New Jersey Economic Development Authority has launched an online portal designed to connect national investors with business investment, real estate and community improvement projects in the Garden State.

The website for the New Jersey Opportunity Zone Marketplace allows investors and those with products seeking investment to meet, said CEO Tim Sullivan.

There are 75 New Jersey Opportunity Zone municipalities. Opportunity zones work by providing federal tax incentives, making investments in communities that have long been underserved and ignored by traditional investments.

The Opportunity Zone Marketplace highlights where those opportunities are and provides information about the specific sites and projects that mayors and local leaders are looking to redevelop.

Sullivan said investors come from all over the country. They don't know the difference between City A and City B in New Jersey, so this is a perfect opportunity to learn more about a given site and a given project. This could result in the flow of significant amounts of private investment dollars into underserved communities in New Jersey.

Sullivan believes this website will contribute to the state economy.

"We think this is an opportunity to attract and encourage significant volumes of investment dollars into the places of New Jersey that can benefit the most," Sullivan said.

Sullivan said the Murphy administration wants more investment in projects that will create the most jobs and develop safer and more vibrant downtowns and urban center.

More from New Jersey 101.5: