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ARTICLE · 11 OCTOBER 2012

Latest Amendment To Permit Extension Act Creates New Extension Area

Greenbaum, Rowe, Smith & Davis LLP
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For the second time since its enactment, New Jersey's Permit Extension Act of 2008 has been amended to provide developers and property owners with much-needed additional time to secure funding and sign tenants for approved projects against the backdrop of a continued economic downturn and sluggish real estate sector.

United StatesReal Estate and Construction
Meryl Gonchar
Meryl Gonchar

For the second time since its enactment, New Jersey's Permit Extension Act of 2008 has been amended to provide developers and property owners with much-needed additional time to secure funding and sign tenants for approved projects against the backdrop of a continued economic downturn and sluggish real estate sector.

On September 21, 2012, Governor Christie signed the most recent amendment to the Permit Extension Act (S-743/A-1338), thereby "tolling" the approval period for certain development permits and approvals for an additional two years. The extension period, which originally expired on July 1, 2010 and was amended, in 2010, to run through December 31, 2012, has now been expanded to encompass the period from January 1, 2007 through December 31, 2014.

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