SPOTLIGHT: YEAR IN REVIEW Suite Escape A look back at the top business Find out which news a ecting New Jersey N.J. executive’s throughout 2011. all-time favorite gift . Page 15 was a pair of silk ® stockings. Page 10 DECEMBER 19, 2011 www.njbiz.com $2.00 A. Gabriel Esteban was inaugurated as the 20th INSIDE Christina Mazza president of Seton Hall University, in October. Boost to development EDA approves tax credits for Jersey City, Long Branch projects. .Page 2 Charitable giving Foundations strive to keep pace with growing needs of the state’s nonpro ts. Page 5 Fueling city growth Bills aim to provide funding to UEZs, but with limits. .Page 5 A road map to academic success New Seton Hall president prioritizes future planning Esteban was inaugurated as of the school’s board of regents, the 156-year-old Catholic univer- said Esteban’s quiet confi dence BY JARED KALTWASSER help but think of ways to im- sity’s 20th president in October. and focused leadership style as Made in USA A. GABRIEL ESTEBAN always prove future ceremonies. He came to the school as provost provost was impressive. Family-owned manufacturer expands aims for the top grade. Even re- “That’s the thing,” he said. in 2007 before being named in- “During that time he began by being true to its roots. Page 10 counting Seton Hall University’s “I start to think ahead. As you’re terim president in July 2010, to put in place some of the key as- Opinion second-annual tree-lighting cer- waiting to get on with the show, upon the retirement of Monsi- pects of improving the academic ■ Editorial: Legislature must reduce emony earlier this month, the you start to think about, ‘How can gnor Robert Sheeran. performance of the university, of telecom regulations. Page 12 school’s new president couldn’t we do this better next year?’” Patrick M. Murray, chair > See SETON HALL on page 7 ■ Corner O ce: Grow NJ not a per- fect situation. Page 13 List ■ List Leaders. .Pages 20-22 Hudson waterfront gives New York City run for its tenants Subscribe to NJBIZ: call 866-288-7699 ing to insiders who say Jersey City and Hobo- Brokers: Lower Manhattan development won’t overshadow N.J. markets ken will continue to lack nothing in appeal. BY JOSHUA BURD enough to cast a shadow of its own. “I don’t see the tide going back out toward .com BY LATE 2013, One World Trade Center is With vacancy rates at their lowest in a de- New York,” said David Stifelman, executive NJBIZ delivers daily news and analysis of New Jersey’s expected to rise above Lower Manhattan to cade, thegrapevine Hudson waterfront continues to be director of the real estate services fi rm Cush- important economic issues online at www.njbiz.com. become the tallest building in the country. one of New Jersey’s most robust submarkets for man & Wakefi eld. From a real estate perspec- Sign up for our daily e-mail alerts, read our blogs, write a letter to the editor and more. But New Jersey real estate experts say the of- offi ce space. And the rebirth of Lower Manhat- tive, he said, it costs a fi rm about 40 percent fi ce market across the Hudson River is strong tan will do little to change that in 2012, accord- > See WATERFRONT on page 6 For address or name corrections, fax label to (732) 846-0421 grapevine Eli Manning tries to send developers deep, Codey’s BPU connection and buzz over Barnabas turnover. Page 11 ® AROUND THE STATE Courtesy of Ironstate Development A rendering of the Liberty Harbor North project, in Jersey City, which will include 422 Medco merge subject units, 14,400 square feet of retail space and a garage for residents. of Assembly hearing ranklin Lakes-based Medco Health Solutions told an Assembly panel Dec. 12 its proposed merger would end up lowering health Fcare costs. Medco was called before the Assembly State Government Com- mittee for a hearing on its plan to merge with St. Louis-based Express Scripts Inc. Jennifer Luddy, a Medco spokeswoman, said the deal would pro- mote greater effi ciencies across the health care system. “As an example, under the terms of our existing contracts alone, we project that at least $1 billion in savings from the merger will be passed back to our clients annually starting immediately,” Luddy said. Luddy said the industry is highly competitive, with at least 12 pharmacy benefi ts managers serving 5 million customers or more, and an estimated 40 pharmacy benefi ts managers operating nationwide, ac- cording to the Federal Trade Commission. EDA OKs tax credits for Jersey City, Long Branch projects The FTC will ultimately make the decision about whether the merger can go through, though the state panel could make decisions 10-story apartment building near the Jersey ner Real Estate Group and Ironstate Develop- regarding state contracts with Medco. City waterfront and a fi ve-story hotel at Pier ment. It is expected to create 600 construction jobs Assemblywoman Linda Stender, (D-Fanwood), has been sharply Village, in Long Branch, were approved for and nearly 50 permanent jobs. A critical of the deal. “The bottom line is this merger very well could tax credits by the New Jersey Economic Develop- The Long Branch hotel also is being devel- have a devastating impact on local pharmacies and patient care,” wrote ment Authority board on Dec. 13. oped by Ironstate, which is owned by David, Mi- Stender, the State Government Committee chair, in a release, “and New The $140.9 million apartment building in Lib- chael and Lisa Barry. The estimated cost for that Jerseyans should be fully aware of the potential adverse outcomes on erty Harbor North would receive up to $42 million project is $46.9 million, of which $8.4 million is their health care.” – Jared Kaltwasser through the Urban Transit Hub Tax Credit program. eligible for tax credits. The site at Melrose Street The project will include 422 units, 14,400 square and Ocean Avenue has been used as a parking lot. feet of retail space and a 230-space garage for apart- The project is expected to create 196 new full-time Christie nominates next door to his, saying that he ment residents. It is a joint venture between Kush- jobs. – Andrew Kitchenman has been near Christie for near- Chiesa to replace Dow ly 20 years. The pair worked Insider Images Gov. Chris Christie appointed together at the U.S. Attorney’s Paula Dow to a new job and Offi ce and the Cranford law nominated fi rm that is now called Dughi her for a Su- & Hewit. – Andrew Kitchenman perior Court judgeship, New EDA aid available while also nominat- for small businesses ing his chief Small businesses are eligible for counsel Jeff new forms of assistance from the Chiesa to take Paula Dow New Jersey Economic Develop- her place as attorney general. ment Authority, including a Dow was appointed to be large expansion of the number fi rst deputy general counsel at of banks that can participate the Port Authority of New York in a state-supported lending and New Jersey where the gov- program. ernor said her The EDA board approved work would changes on Dec. 13 targeting Pictured, from left, are Steve Cahillane, president and CEO, Coca-Cola Refreshments Inc.; Muhtar Kent, parallel a new aid to small businesses. They chairman and CEO, Coca-Cola Co.; Gov. Chris Christie; and Don Keough, nonexecutive chairman of the board. audit being include combining the Preferred conducted and Participating Lenders pro- of authority grams into a new Premier Lend- fi nances. ers program, which increases Coca-Cola unveils Monmouth Junction center “I want the number of banks that can oca-Cola Co. CEO and Chairman Muhtar ers see in New Jersey: a clear welcome mat for busi- Jeff Chiesa her to look receive expedited loan approvals Kent and Gov. Chris Christie cut the ribbon nesses — large to small, established to startup, global at the legal operation there, from 15 to 44. Cat the soft-drink maker’s recently opened to local and everything in between,” Kent said in a which has obviously failed us,” Another change increases 240,000-square-foot South Brunswick Distribution press release. Christie said. the amount of lines of credit Center, in Monmouth Junction, on Dec. 13, which Coke consolidated operations from its Parsippany, Christie also nominated guaranteed by the EDA from the company has said will keep about 1,000 jobs in North Brunswick and Asbury Park facilities. The com- Dow to serve as an Essex County $250,000 to $500,000. “It’s New Jersey. pany employs more than 550 workers at the new fa- Superior Court judge; Dow really what a business needs to Kent said the Christie administration’s efforts cility, with about 40 of positions having been created would leave her Port Authority keep going,” EDA CEO Caren S. to make the state more business friendly were a key since the facility opened in October. The company has post once she is confi rmed and Franzini said of the popular line driver in the siting of the new facility in Monmouth applied for LEED certifi cation for what it calls a “state- moves onto the bench. of credit program. Junction. of-the-art sustainable” facility, which was designed with Christie said he would miss The board also awarded two “Today’s opening states clearly what we and oth- room for expansion of operations. – Ken Tarbous having Chiesa in the offi ce one-year, $25,000 contracts to NJBIZ (ISSN 1540-4161) is published weekly except year-end and one extra issue in December by Journal Publications Inc., 1500 Paxton Street, Harrisburg, PA 17104.