Princeton University to be the first institutional tenant of the research and business incubator Hub in New Brunswick

Princeton University will be the first institutional tenant of the Carrefour, a 1.7 million square foot mixed-use development under construction near the station in New Brunswick.

The four-acre redevelopment site will be linked to the station by an overhead bridge. As part of an Urban Enterprise Zone, occupants of the Hub will be exempt from construction sales tax and will be eligible for other municipal and state incentives. The first phase of the hub will consist of a 10-story, 210,000 square foot mixed-use building at the corner of Albany and Kirkpatrick streets.

New Jersey Gov. Phil Murphy announced Thursday that Princeton University, Rutgers University, Hackensack Meridian Health and RWJBarnabas Health would be the first tenants of the Hub, which is designed to foster research, entrepreneurship, l innovation and the incubation of start-ups in the State. The New Jersey Economic Development Authority will be a driving force for activity at the Hub, state officials said.

“This project is a major step in helping New Jersey regain its place at the top of the innovation economy,” said Murphy. “With its three main partners and its first institutional tenant, the Hub will allow us to harness the collective experience of two of the country’s most prestigious research universities and two of its largest healthcare systems, which will revolutionize research and development in our state. “

New Jersey Assembly Speaker Craig Coughlin said he hopes the $ 175 million investment in the hub will be a godsend for New Brunswick and the state, creating more jobs and start-ups.

“This collaboration between our academic and private sector partners will help prepare our workforce for exciting career opportunities in the innovation sector,” said Tim Sullivan, CEO of the New Jersey Economic Development Authority.

Rutgers University President Jonathan Holloway said the Hub aims to leverage the shared commitment of Rutgers and other partners to help New Jersey regain its position as an innovative powerhouse. “It will serve as a powerful engine to accelerate research translation and bring discoveries from the lab to the market,” Holloway said.

Princeton University Vice Dean of Innovation, Rodney Priestley. said supporting innovation is crucial at a time when society faces so many challenges.

“Supporting innovation is key to bringing together creative and diverse minds to forge solutions and create opportunities,” Priestley said. “Through our role as the Hub’s premier institutional tenant, Princeton University will help transform our region into a vibrant center of innovation with a strong commitment to ensuring inclusive participation. By harnessing the vast reservoirs of ingenuity of our regional research institutes with community and industrial partners, we will build a better future.

The hub site is owned by the City of New Brunswick and is managed by the New Brunswick Development Corporation (DEVCO).

The Hub’s amenities will include a creative space, an event space, a café, parking, and a fitness and wellness center. The building will include a 95,000 square foot innovation center with modern workspaces designed to foster collaboration between researchers, entrepreneurs, start-ups and others. Space will be available for a variety of membership packages. 55,000 partner space will provide Rutgers University, RWJBarnabas Health, Hackensack Meridian Health and DEVCO with office and collaboration spaces. The remaining 60,000 square feet of the first building will be available for lease by corporate and institutional tenants. The first tenant will be Princeton University.

Officials predict that the Hub revolution will take place in the summer of 2021. The Hub is scheduled to open in 2024.