Loew's Theater Renovation In Jersey City To Get Boost With $42M NJ Tax Credits

JERSEY CITY, NJ — Activists saved a historic theater in Jersey City's Journal Square from being demolished decades ago, and now the theater will get a boost from the state.

The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved an award of $42.7 million in Historic Property Reinvestment Program (HPRP) tax credits to support the rehabilitation of Loew’s Theatre in Jersey City.

The tax credits represent 45 percent of the cost under the project, which has an estimated total cost of $110 million, the state said.

The palatial theater opened in 1929 and hosted the biggest acts of the time, including Bing Crosby.

But in 1987, it was slated for demolition, until a group called the Friends of the Loew's stepped in to save it.

The theater shut down this past fall for impending renovations.

When renovations are finished, the theatre in Journal Square — a neighborhood with several arts and restaurant venues being developed — is anticipated to host around 150 events a year, in addition to several community programming events, said the state.

This project, which marks the first award under the HPRP, is expected to result in the complete rehabilitation of the historic theater for use as a live performance, movie, and entertainment venue.

Created under the New Jersey Economic Recovery Act of 2020, the HPRP’s main focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving historic properties throughout the state.

“By supporting projects like the revitalization of Loew’s Theatre into vibrant community assets, we are ensuring the long-term growth of local economies while preserving the history of iconic properties within New Jersey’s neighborhoods,” said Gov. Phil Murphy. “New Jersey’s rich entertainment history is one of our greatest assets."

The HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to encourage and bolster long-term private investments focused on the rehabilitation of existing identified historic structures throughout New Jersey.

Mayor Steven Fulop said, “The Loew’s Theatre has stood for nearly 100 years as a major focal point here in Hudson County, and its transformation into an entertainment hub is a pivotal point to the continuing renaissance underway in Jersey City and our efforts to revive Journal Square."

Mayor Fulop noted that the rehabilitation work to Loew’s Theatre includes the building’s exterior, all public spaces, stage and support spaces, and modifications and upgrades to the mechanical, electrical, and plumbing systems.

In addition, a new three-bay loading dock will be added at the rear of the theater, and a café is to be added along the south alley. Significant finishes at the interior and exterior will be rehabilitated or replicated where it was damaged beyond repair.

All work is being reviewed by the Jersey City Historic Preservation Commission, the New Jersey Historic Preservation Office, and the National Park Service, and will follow the Secretary of the Interior’s Standards for Rehabilitation of Historic Properties.

Milsted noted that the 2023 application round for the Historic Property Reinvestment Program is expected to begin accepting applications for Regular and Transformative Projects on Wednesday, February 1, 2023 at 10 a.m. The application round will close at 2 p.m. on Monday, April 3, 2023.