Prudential Financial, Inc., L+M Development Partners, and The Goldman Sachs Group, in partnership with Citi Community Capital, today joined Newark Mayor Ras Baraka to celebrate the grand opening of the historic Hahne & Company building in downtown Newark, NJ.
The restored building features an arts and cultural center operated by Rutgers University-Newark and around 75,000 square feet of new retail space on Broad Street, including Newark’s first Whole Foods. The project was accomplished with support from local co-developers Hanini Group and Crawford Street Partners.
In addition to retail, commercial and community space the development includes 160 new apartments—64 of which are set aside as affordable homes for low-income and working families earning between 40 and 60 percent AMI. The new homes are located on the third and fourth floors of the existing Hahne’s building and in a new nine-story residential building on the corner of New and Halsey Streets, which will connect to Hahne’s through a shared lobby and public atrium. Chef and restaurateur Marcus Samuelsson plans to open a 2,250 square-foot restaurant on the Halsey Street side of the building.
“As Newark continues to attract innovators and dreamers who see the promise of our great City, it is imperative that we incorporate aspects of Newark’s history and authentic character into our continuing development,” said Newark Mayor Ras J. Baraka.
“The revitalization of this iconic structure has married the grandeur of our past with the possibilities of our future. The reopening of the Hahne & Company building also bridges many of us, as native Newarkers, with our parents, grandparents, and families who once spent time shopping within these walls. This is a transformative moment for our City.”
“For 86 years, the Hahne’s & Company department store was a source of pride for this city. It was not only a retail space, but a true place for the community and life well-lived,” added Ron Moelis, CEO and co-founder of L+M Development Partners.
“I am humbled to be here today to reopen the doors of Hahne’s once again to the people of Newark. This city is on the brink of something extraordinary. It is teeming with energy and raw momentum, and I am pleased to be a part of it.”
“The reopening of the iconic Hahne’s building is a catalyst to creating a thriving, walkable, 24/7 city that provides access to quality jobs and education while also attracting visitors to our city.
The building’s strategic location connects the Rutgers-Newark campus to Prudential’s new tower, Military Park, and the New Jersey Performing Arts Center, forming the vibrant core that energizes the city,” said Lata Reddy, vice president, Corporate Social Responsibility, Prudential Financial, Inc.
“Prudential was founded in Newark more than 140 years ago, and we have been fiercely committed to the city ever since. Through our investments, which total almost $675 million and can be seen across the city, we are dedicated to helping improve Newark’s physical environment as well as providing solutions that advance the upward mobility of the city’s residents.”
“We are thrilled to be a part of the public-private partnership that has turned this extraordinary project into a reality,” said Margaret Anadu, managing director and head of the Urban Investment Group at Goldman Sachs. “This restoration is an important part of our over $500 million investment in Newark to catalyze economic development and create jobs for local residents. The building will provide access to affordable housing and healthy food options while also serving as an important gathering place toward the creation of a “24/7” community in this neighborhood.”
“Citi is proud to have played a role in preserving this historic Newark landmark – repurposed to establish an important new community asset,” said John Heppolette, Managing Director and Co-Head of Citi Community Capital. “The Hahne’s redevelopment will open its doors to the neighborhood with beautiful rental apartments at a range of affordability levels – close to transportation, close to jobs, and contributing to the ongoing revitalization of the downtown Newark community.”