The City of Trenton announced on November 26 that it had received a $4 million New Jersey Economic Development Authority (NJEDA) Local Property Acquisition grant for the revitalization of the former Lafayette Yard Hotel located at 1 West Lafayette Street.
The $17 million NJEDA Local Property Acquisition Grant Program was awarded to 12 real estate development projects throughout the state. The city will use the funds to control the disposition process and ensure that a quality, experienced developer is selected to fully transform the vacant hotel into a mixed-use hub in the downtown space.
“As Mayor of Trenton, I am thrilled to announce that the New Jersey Economic Development Authority has approved our Local Acquisition Grant request of $4 million to purchase the long-abandoned Marriott Hotel on Lafayette Street,” Mayor Reed Gusciora said at a press conference. “This vital step will enable the City to partner with a private purchaser to transform this property into a thriving hospitality venture once again, contributing to our downtown revitalization efforts.
“The asking price of the property had been a barrier, but with the state’s support through this grant, we now have the opportunity to make a deal that was previously out of reach. A vibrant, bustling downtown is central to our vision for Trenton’s future, and this investment will be an important part of that transformation.
“We will now work closely with City Council to complete the purchase and take the next crucial step of issuing a Request for Proposals (RFP) to attract interested developers. This process will ensure we identify the right partner to help realize the potential of this property and bring new energy, jobs, and opportunities to our downtown.”
The original hotel opened in 2002 as a publicly owned Marriott Hotel with a restaurant, bar, meeting rooms, and banquet facilities. The hotel suffered from low occupancy, which led to Marriott terminating its franchise agreement in 2013. Over the years that followed, the hotel went through numerous sales attempts that fell short.
The funding will allow the city the ability to offer up to $3.5 million for renovations as part of the NJEDA’s Urban Investment Fund Grant Program. This will strengthen the Warren Street commercial area, with 1 West Lafayette Street serving as a hub of activity.
“ I am grateful to the NJEDA for giving the city the funds to acquire the hotel so that now we can find a suitable developer to bring it back to life! For too long it has sat dormant and now we have a chance to revitalize a major edifice in the Downtown Area, which will attract more people and help our awesome already established downtown businesses to prosper; I am excited for what’s to come,” said Council President Crystal Feliciano.
Rolland Pott, a Trenton Downtown Association (TDA) board member stated, “The TDA represents all the businesses, the commercial property owners of the special improvement district which covers downtown Trenton. The hotel is a form of life for downtown Trenton; it’s a place that will revive the space, as it will allow visitors to Trenton to have a nice place to stay and frequent local businesses in support of the local economy, so we appreciate the initiative of the City of Trenton to reinvigorate this property, as it will have a positive impact on downtown.”
The transformation of the property will create jobs at every stage of the project. In the predevelopment phase, professional services will conduct early architectural and engineering designs. During the development phase, additional professional services will advance the designs as well as many construction jobs to complete the transformation of the property. After the completion of construction, many additional jobs will be created for property services, including management; rooms department (e.g. front desk, concierge, housekeeping); food and beverage department (e.g. management, kitchen staff, serving staff); security (e.g. 24/7/365 security services) and property engineering (e.g. maintenance services, non-housekeeping cleaning, etc.)
“This redevelopment project will be a private-public partnership. We are excited to invite innovative individuals to go through our Request for Proposal (RFP) process. We’re seeking those who can bring fresh perspectives to revitalize this project. This initiative will create jobs and stimulate economic growth in Trenton. By enhancing the heart of our downtown area, we aim to attract visitors to explore the vibrant activities and various historical sites the city has to offer. We are truly excited about the opportunities this project will bring to our community,” said Housing and Economic Development Director Arch Liston.
The City is issuing a RFP for the former Lafayette Yard Hotel property. Interested parties who have experience owning and operating a hotel are encouraged to apply. The property is located within the John Fitch Way 1 Redevelopment Area and is zoned as a Business A district. Respondents should have sufficient experience to renovate, design, and permit the Lafayette Site. Proposals should include a proposed purchase price for the property. Respondents are encouraged to do their own research on the site as opposed to relying on the information provided in this RFP.
For more information, visit the Housing and Economic Development page on the official City of Trenton website at www.trentonnj.org.
Trenton Mayor Reed Gusciora, flanked by Council members, Housing and Economic Development Director Arch Liston, and Trenton merchants, announced a $4 million grant from the NJEDA to allow for the revitalization of the former Lafayette Yard Hotel on West Lafayete Street.,
