Trenton, N.J. – On Tuesday, November 26, Mayor W. Reed Gusciora held a press conference alongside Council members, Housing and Economic Development Director Arch Liston, and local Trenton merchants to announce the $4 million New Jersey Economic Development Authority (NJEDA) Local Property Acquisition grant awarded to the City of Trenton 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 of Trenton received the largest sum of $4 million to acquire the vacant property located at 1 West Lafayette Street. 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. 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," said Mayor Gusciora. "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 NJ EDA'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, which is key to the success of Trenton's downtown core.
" 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. Great job Mayor Gusciora, Interim Director Arch Liston and the entire administration, let's continue to get Trenton back on track," stated Council President Crystal Feliciano.
"I believe that our City purchasing the hotel with the Economic Development Authority grant money and selling it is the best way to get this large, empty building back in business and contributing to Trenton. In the early days of its life, the hotel contributed much to our City as a venue for weddings, funerals, birthdays, proms, conferences, and even the Trenton Film Festival. It offered travelers and families a place to stay in the capital city and a central location for our business community to host clients and spark future development. The hotel was a great hub then and if it is right-sized as a smaller hotel and an imaginative developer purchases it - the hotel will be alive and thriving once again by our nation's 250th birthday in 2026," said North Ward Councilwoman Jennifer Williams.
"I am excited about this endeavor and deeply grateful that this project is coming together. This partnership with the NJDEA makes it that much more tangible for us. Knowing that family members visiting the City of Trenton will have a place to stay, rather than neighboring cities” stated West Ward Councilwoman Teska Frisby. “We are committed to growing our downtown economy, and this project is part of that vision. Visitors will have the chance to explore our vibrant history as soon as they step out of the hotel doors and visit numerous businesses which will have a significant economic impact on our community."
Increasing downtown Trenton’s population is essential to creating a vibrant, secure, and diverse space for existing and future Trentonians. It will also bring support and an economic boost for the numerous retailers and businesses in the area that will greatly benefit from this revitalization project.
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 Liston.
The City is issuing a RFP for the former Lafayette Yard Hotel property. Interested parties (respondents) 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, please visit the Housing and Economic Development page on the official City of Trenton website at www.trentonnj.org.