LG Electronics Building Among Top Development Projects In New Jersey
Posted by Heidi Schwartz
New Jersey Alliance for Action has honored LG Electronics with “New Jersey’s Leading Infrastructure Projects” Award for the new LG North American headquarters under construction in Englewood Cliffs.
“We are delighted to honor this great project it sets a high standard for infrastructure projects in the state with its aspirations to be a LEED Platinum building, the largest such project in the Garden State. This is a great example of a world-class green corporate campus, which will also deliver much needed economic benefits to Englewood Cliffs, Bergen County and the State of New Jersey.”
The “New Jersey’s Leading Infrastructure Projects” awards program was created to recognize unique, innovative, pioneering and landmark infrastructure projects that greatly impact the state’s economy, while also recognizing the businesses and organizations that work together as partners to ensure the project’s success. The New Jersey Alliance for Action, a non-partisan coalition of over 2,500 business, labor, professional, academic and government leaders, is the state’s most respected leading advocate for investment in infrastructure for New Jersey’s economy, environment and overall quality of life.
The new LG North American headquarters, for which the company is receiving no government incentives, will allow LG to expand its workforce from 500 today to 1,200 by 2017 and 1,600 by 2020, and in the interim it will create thousands of construction jobs.
According to an economic impact study released by Bergen County officials, the project is expected to bring more than $500 million to the State of New Jersey over a 20-year period. LG’s new headquarters will bring a total of $2.5 million in annual tax revenue to Englewood Cliffs, where the municipal budget is about $13.5 million.
“LG is extremely proud of this project, and we are enthusiastic to begin the construction process after years of planning and approvals,” said William Cho, President and CEO of LG Electronics USA. “The New Jersey’s Leading Infrastructure Project award reaffirms the support for the project and the benefits LG’s new building will bring to the region now and for decades to come.”
The Award from the Alliance for Action is the latest in a series of honors for the LG headquarters project, including the “Achievement in Planning Award” from the New Jersey Planning Officials Organization and the “Development Project of the Year Award” presented by the Economic Development Authority of New Jersey.