BUSINESS & ECONOMY

Audible approved for $39.3 million incentive to create new tech center in Newark

Audible Inc. was approved for a 10-year, $39.3 million Grow N.J. award. - (AARON HOUSTON)

Audible Inc. was approved for a 10-year, $39.3 million Grow N.J. award. – (AARON HOUSTON)

By Andrew George for NJBIZ

Audible Inc., the Newark-based provider of spoken audio information and entertainment, received approval Friday from the Economic Development Authority for a 10-year, $39.3 million Grow New Jersey award to create a new technology center in the city.

The project, which would house the Amazon subsidiary’s engineering and development hub, would be located on James Street, just a short walk away from its Washington Street headquarters. The company is said to also be considering an alternative location in Cambridge, Mass.

According to the EDA, the project would help retain 50 jobs currently based in New Jersey and create an additional 350. Over a 20-year period, the EDA estimates the project would yield a net benefit of $103.4 million back to the state.

Read the rest of the article here.