Goldman Sachs, in conjunction with L+M Development Partners and Prudential Financial, celebrated the reopening of the historic Hahne & Company building in downtown Newark on January 23, 2017. New Jersey Senator Cory Booker and Newark Mayor Ras Baraka joined the ribbon-cutting ceremony that marked the completion of the $174 million renovation project.
The restored building features an arts and cultural center operated by Rutgers University-Newark, envisioned as a way to link the university’s campus and students to the wider neighborhood, and approximately 75,000 square feet of new retail space on Broad Street, including Newark’s first Whole Foods Market and a Barnes & Noble that will serve as Rutgers University-Newark’s campus bookstore. 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 families.
“We are thrilled to be a part of the public-private partnership that has turned this extraordinary project into a reality,” said Margaret Anadu, head of the Goldman Sachs Urban Investment Group. “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.”
The renovation was financed through a collaboration of public, nonprofit and private groups, including commitments from the New Jersey Housing and Mortgage Finance Agency and New Jersey Economic Development Authority. Private equity was provided by L+M, Prudential and Goldman Sachs, and additional construction financing was provided by Citibank and three nonprofit CDFIs.
The Hahne & Company Department Store was designed by architect Goldwin Starrett and built by local businessman Julius Hahne in 1901. The art deco store, built as the company’s flagship, was the first commercial building in Newark designed specifically as a department store. In 1987, Hahne’s was sold to May Department Stores Co., owner of Lord & Taylor, and the building has remained vacant since then. The building was listed on the National Register of Historic Places in 1994.
READ THE PRESS RELEASE - 01 JUN 2015