Proponents of a proposed $1.6 billion convention center in the New Jersey Meadowlands plan to pitch the project to Gov. Phil Murphy, saying it would give a roughly $30 billion economic boost to the Garden State and compete for convention business with other event venues in nearby New York City and across the country.

The multiuse 460,000-square-foot facility — with an adjacent 1,000-room full-service headquarters hotel, along with two privately developed hotels — would be a boon to the Meadowlands Sports Complex in East Rutherford, replacing the shuttered former Izod Center arena at the site, according to a long-term economic impact study by Hunden Strategic Partners, a project management company based in Chicago.

The proposed convention facility, by virtue of its size and location in the New York metropolitan area, would be able to accommodate 83% of the top 250 U.S. trade shows, according to the study, which was released Friday. Hunden issued its first report on a possible Meadowlands convention center, a market feasibility study, in October 2021. The latest study concludes the center, planned for an area with speedy access to New York, would have a $30 billion "economic impact for a compelling public return on investment."

The Meadowlands 2040 Foundation, an affiliate of the Meadowlands Chamber and its Convention & Visitors Bureau, used a $50,000 grant from the New Jersey Economic Development Authority to fund the second study, which was unveiled at the chamber's Thought Leaders Conference in Lyndhurst, New Jersey. A summary of the study was presented, and the full 181-page report will be sent to New Jersey Gov. Phil Murphy's administration.

The plan for the convention center "is bold, there's no doubt about it," Jim Kirkos, the chamber's president and CEO, told CoStar News. It would transform and reinvigorate the sports complex for the next 25 to 30 years, according to Kirkos. The redevelopment project, however, would need some kind of support or subsidy from the state or county government, he said.

The chamber's position is that the greater New York region is vastly underserved by the the Jacob K. Javits Convention Center in Manhattan, and that other cities are stepping up their game to compete for group business by opening new facilities or updating existing ones.

Proponents believe a Meadowlands convention center would offer numerous advantages, including the ability to host trade shows, conventions, youth sports events, consumer shows and business meetings: labor costs that are a fraction of New York's; much-less pricey hotel and parking costs; access to the nearby MetLife Stadium and its pro sports and concert events; shopping and entertainment at the adjacent American Dream complex; the Meadowlands Racetrack, the No. 1 harness racetrack in North America; and quick access to the Big Apple and its renowned restaurants, arts and entertainment.

“We are on the precipice of providing the Meadowlands Sports Complex with an asset that will propel economic growth in the region the same way the Big M and Giants Stadium did in the 1970s," Kirkos said in a statement. “The next use for the findings is to compel the state to immediately advance the process of establishing an organization and funding process that responds to the market demand opportunity the study reveals.”

With its two studies, the Meadlowlands Chamber now has the data it needs to "take it to the next level" and go to the state and make its case for the convention center, according to Kirkos. Real estate developers have expressed interest in both building the convention facility as well as the hotels, he told CoStar.

"Government has to play a role," Kirkos said.

That could include the state or Bergen County issuing bonds for the project, or for the project to receive tax incentives from the EDA, along with private investment, according to Kirkos.

"We're basically saying there's a very compelling story here, backed up by third-party data, that says for a billion-plus dollar investment we can realize a $30 billion return on investment and spur a significant amount of private investment around the complex," Kirkos said. "That is now worthy of consideration ... to put a plan together, how do we do this?"

The proposed 460,000-square-foot convention facility, first described in 2021, would include 300,000 square feet of flexible exhibition space, which could be used for a large convention/exhibition or a sporting event, 100,000 square feet of meeting space, which includes room for smaller breakout and meeting rooms, and 60,000 square feet of banquet space, which could host events of up to 2,500 people. The report also recommends an 805,000-square-foot headquarters hotel, a 700-room luxury hotel and a 500-room select-service hotel.

The convention center, headquarters hotel and two privately developed hotels are expected to generate over $3.5 billion in taxes over 30 years, according to the study. And over that time, the complex is projected to generate $30.1 billion in new spending, according to the Hunden study. The facility is expected to support nearly 17,500 full-time construction jobs and average over 6,000 full-time equivalent jobs.

The report includes a cost estimate for the convention center of $1.6 billion. The headquarters hotel, which would include a 75,000-square-foot ballroom, is estimated to cost $538.2 million if construction started next year and it opened in 2026.

The latest Hunden study found that the biggest factor in determining the supply/demand balance in urban areas for convention space is the amount of legitimate nonhotel convention, ballroom and meeting room space.

"When comparing the NY/NJ market to the other top [Metropolitan Statistical Areas] in the U.S., whether by population or tourists, the NY/NJ metro is short of prime convention space by 2 [million to] 3 million square feet," the study said.

It also outlined several case studies to demonstrate the pros and cons of city and county, government authority and private ownership of convention center properties.

The Meadowlands region where the convention center would be located encompasses North Jersey from the George Washington Bridge to the Statue of Liberty, and between the Hudson River and Route 17, and is accessible from Newark Liberty International Airport as well as major highways such as the New Jersey Turnpike. There's also access by train from Penn Station.

The New Jersey Sports and Exposition Authority, which owns the site of the proposed convention center, provided an endorsement of the value and relevance of the study, a key requirement for securing the EDA grant to fund it.