Aspire Tax Credits Awarded to Support Phase 3 of HELIX

On Nov 17, 2025

The New Jersey Economic Development Authority (NJEDA) Board has approved a tax credit award under the Aspire Program for Phase 3 of the New Jersey Health + Life Science Exchange (HELIX) building in New Brunswick. Known as H-3, the proposed development consists of a 42-story, nearly 560,00-square-foot mixed-use tower that will include affordable residential  units, commercial office space, specialized laboratories, and housing for Rutgers School of Medicine students.

The HELIX campus, consisting of three separate buildings, will provide 1.5 million square feet of multifaceted, state-of-the-art environments supporting the gamut of health and life science organizations and professions. H-3 will be located directly across from the New Brunswick Train Station, adjacent to a NJ TRANSIT bus stop, in close proximity to Rutgers University, and approximately 15 miles from Newark Liberty International Airport.

The proposed development has four main components, including:

1. Residential: The 298,390-square-foot residential portion will include 265 units, 53 of which will be affordable. The 212 market-rate units will comprise 38 studios, 148 one-bedrooms, and 26 two-bedrooms. The 53 affordable units will include 4 studios, 6 one-bedrooms, 32 two-bedrooms, and 11 three-bedrooms. Amenities include a gym, co-working and lounge spaces, communal kitchen, billiards room, and outdoor terrace.
2. Rutgers WINLAB & ESRG Research Facilities: Rutgers University will consolidate its Wireless Information Network Laboratory (WINLAB) and Energy Storage Research Group (ESRG) into 33,620 square feet of dedicated research space within H-3. These programs will benefit from proximity to campus and adjacency to Nokia Bell Labs’ new Research & Development facility at H-2, enabling enhanced collaboration and accessibility for students.
3. Rutgers School of Medicine Student Housing: H-3 will include 52,304 square feet of purpose-built housing for medical students, creating a living-learning environment that integrates researchers, entrepreneurs, and faculty within the HELIX ecosystem.
4. Commercial Office Space: Additionally, H-3 will include 178,522 square feet of commercial office space that will be leased to Middlesex County to accommodate various County departments and administrative functions.

The Applicant, Downtown HUB Associates III, LLC, which is owned by DEVCO and Pennrose Holdings, LLC, was awarded a tax credit award of up to 80 percent of the total project cost, not to exceed $359.3 million.

“The HELIX continues to redefine what’s possible for New Brunswick and for our entire state,” said New Brunswick Mayor Jim Cahill. “H3 represents another major step forward in creating a world-class destination for research, innovation, and opportunity. We are grateful for the NJEDA’s continued support and for the strong partnerships with Rutgers University, Middlesex County, DEVCO, and our private-sector collaborators. Together, we are building a place where students, scientists, entrepreneurs, and residents can thrive, and where ideas become breakthroughs that strengthen our community and New Jersey’s economy for generations to come.”

“This region has the potential to become one of the top research corridors in the country, and HELIX is a critical piece of that,” said Rutgers University president William F. Tate IV. “Grateful to Governor Murphy, the Legislature, the EDA, and our local leaders for making this happen. Rutgers is excited to add leading-edge technology, energy, and biomedical discovery to this space, and to deepen our partnerships with the state’s public and private sectors.”

“By the end of 2028, the HELIX will encompass 1.5 million square feet, representing an investment of over $2 billion. More than 4,000 people will be researching, working, living, and learning as part of this dynamic ecosystem,” said New Brunswick Development Corporation (DEVCO) President Chris Paladino. “It will be a place where creative collisions spark new companies, drive innovation, and fuel growth across New Jersey’s economy, exceeding even our highest expectations.”

The first phase of the HELIX was approved for Aspire tax credits in 2023, and the second phase, with Nokia Bell Labs as its main tenant, was approved for Aspire tax credits in March 2025.

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