Amazon just visited New Jersey — and the state is offering a $7 billion incentive to land HQ2

Earlier this year,
Amazon officials have started making visits to the top cities, most recently Newark, New Jersey this week.
The state is offering Amazon one of the biggest economic incentives in a bid to land HQ2.

In perhaps the largest civic competition in modern North American history, 20 cities are vying to host the next headquarters of Amazon, dubbed HQ2.

The company says that its new $5 billion campus will bring an estimated 50,000 jobs.

has started visiting the

The plan will expand a subsidy program, Grow NJ, and provide extensive economic incentives for companies (like Amazon) that launch "transformative projects." It would raise the cap on subsidies to $10,000 from $5,000 for every job Amazon creates.

The incentives may reach $5 billion over the next decade, according to The Observer. The remaining tax breaks would come from a $1 billion city property-tax subsidy and a wage-tax waiver of $1 billion for Amazon employees over the next 20 years.

Many finalist metros are attempting to lure Amazon through economic incentives in the form of tax credits. according to

But so far, it looks like Maryland could be offering Amazon the most money. In early April, Maryland according to

Newark's proposal includes a redevelopment of the city's riverfront area for the site of HQ2, a representative from the project's developer, Lotus Equity, confirmed to Business Insider late last year. The project will happen regardless of whether Amazon comes to Newark.

Designed by four architecture firms, the neighborhood's masterplan calls for redeveloping 11.5 acres near downtown. The project includes 1,800 housing units, a 150,000-square-foot hotel, 100,000 square feet of retail space, a 30,000-square-foot food hall, 30,000 square feet of public space, up to 3,000 parking spaces, and up to 2 million square feet of commercial space. It also calls for demolishing the former New Jersey Bears stadium.

There is no set timeline for when Lotus will break ground on the project, led by the Practice for Architecture and Urbanism. Michael Green Architecture and TEN Arquitectos are also involved, while Minno & Wasko Architects and Planners is the architect of record.

Just 10 miles west of Manhattan, Newark has tried to launch a large-scale economic revival for decades.

The city faces competition from other large cities like Washington, DC, Boston, and New York City for HQ2.

The company is likely to choose a city that offers substantial tax breaks, so Newark's bid makes sense. Amazon's proposal guidelines say that it "may require special incentive legislation in order for the state/province to achieve a competitive incentive proposal."