Revitalizing the Neighborhoods Where We Live and Work
Once a vibrant and thriving part of Newark’s downtown area before falling on harder times, Halsey Street is about to undergo a major transformation. Central to those revitalization efforts is the creation of Teachers Village, a long-term urban redevelopment plan that involves the construction of new schools, housing and retail locations.
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 first phase of the project includes construction of eight buildings containing three charter schools to serve 1,500 low-income students; 205 workforce housing units for teachers; and 63,000 square feet of retail space, including a grocery store, restaurants and local small businesses. 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.
"Teachers Village will create hundreds of permanent jobs in Newark, provide space for small businesses and community centers, provide teachers with workforce housing and, most importantly, improve the quality of schools and education choices," said Lloyd C. Blankfein, Goldman Sachs Chairman and Chief Executive Officer. "It’s exactly the type of opportunity we look for in an investment — an effective and thoughtful solution to support economic growth and opportunity."
In 2013, the project won New Jersey Future’s SmartGrowth Award, which annually honors smart planning and development in the state.
Established in 2001, the Urban Investment Group has committed more than $2.8 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. A recent example of the Urban Investment Group’s innovative financing approach is the renovation of Building 128, a three-building, 215,000-square-foot complex located in the historic Brooklyn Navy Yard, in New York.