Teachers Village Redevelopment Project
As part of its comprehensive community development strategy of developing mixed-income housing, retail and community facilities in economically distressed and diverse areas, the Goldman Sachs Urban Development Group (UIG) worked with the development team to structure and finance the Teachers Village project.
UIG has committed approximately $100 million over the last three years to catalyze the development of Teachers Village.
Located in Newark, Teachers Village is the first phase of a major redevelopment that will include more than fifteen million square feet of charter schools, housing for teachers, retail and office space. Teachers Village comprises eight buildings located on five blocks and containing three nonprofit charter schools serving more than 1,500 low-income Newark students, 205 workforce housing units designed for teachers and more than 60,000 square feet of ground floor retail space, enlivening a blighted stretch of downtown.
Teachers Village will provide an anchor for the revitalization of the surrounding areas and is a prime example of a successful partnership among public entities, private companies, financial institutions and nonprofit organizations.
UIG has made several other commitments to benefit the Newark community including an investment to finance the expansion of Newark Screens, the only movie theater in Newark, as well as an investment in the Rose New Jersey Green Fund, which has acquired and completed energy efficient renovations for more than 300 affordable housing units.
Over the past decade, UIG has committed approximately $1.6 billion to finance 10,500 housing units and more than 2 million square feet of community and commercial space in cities across the US.
Lloyd Blankfein joined city, state and community leaders on February 9, 2012 at the groundbreaking of Teachers Village.
“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,” Lloyd said. “It’s exactly the type of opportunity we look for in an investment – an effective and thoughtful solution to support economic growth and opportunity.”