Teachers Village Opening
Revitalizing the Neighborhoods Where We Live and Work
Teachers Village is a multiphase urban redevelopment plan that involves the construction of new schools, housing and retail locations in support of economic growth in downtown Newark. Upon its completion, Teachers Village will include eight buildings across a five-block area.
On September 25, 2013, Esta Stecher, chief executive officer of Goldman Sachs Bank USA, joined governor of New Jersey Chris Christie, New Jersey senator Cory Booker and other community leaders to mark the opening of Teachers Village. The ceremony marked the opening of the project’s first phase, which comprises three not-for-profit charter schools and a day-care center that together serve more than 1,500 low-income students from downtown Newark.
“We believe that providing access to educational opportunity directly results in economic growth,” Esta said. “So we look to invest in projects that promote educational opportunity in the communities where we live and work. Teachers Village is a great example of the type of project we like to invest in. It’s given us the opportunity to work with partners on innovative solutions in pursuit of common goals.”
As part of its comprehensive community development strategy in underserved neighborhoods, the Goldman Sachs Urban Investment Group has committed approximately $110 million to finance the first two phases of the Teachers Village project and lay the foundation for additional development in the area. These funds include $39 million in pre-development financing, $25 million in loans, and $45 million in federal and state tax credit financing.
The project is expected to create 500 jobs during the construction phase and 480 permanent jobs, precious opportunities in a city where one in three people lives below the poverty line and unemployment has climbed to 11 percent.
In 2013, the project won New Jersey Future’s Smart Growth Award, which annually honors smart planning and development in the state. Other UIG investments in the city of Newark include the expansion and modernization of CityPlex 12, Newark’s only movie theater, and the development of Rector Street, the first new residential high-rise in Newark in over 50 years.
Established in 2001, the Urban Investment Group has committed more than $3 billion to communities around the country. Through the Urban Investment Group, we have helped to provide funds for the creation and preservation of nearly 13,000 housing units for low-, moderate- and middle-income families, more than 1.3 million square feet of community space, and 1.9 million square feet of commercial and retail space.