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 Investment Group (UIG) worked with the development team to structure and finance the Teachers Village project.
Teachers Village is a multi-phase project designed to create new space for schools, affordable housing and street-level retail in support of the economic growth in downtown Newark. Upon its completion, Teachers Village will include eight buildings across a five-block area. As lead financial partner, the Goldman Sachs Urban Investment Group (UIG) has committed more than approximately $120 million to its development.
On September 25, 2013, Esta Stecher, chief executive officer of Goldman Sachs Bank USA joined Governor of New Jersey Chris Christie, Newark Mayor 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.”
The project is expected to create 500 jobs during construction and 480 permanent jobs. Construction continues on the next two phases of Teachers Village, which will create 205 workforce housing units designed for Newark-based teachers and over 70,000 square feet of ground floor retail space for not-for-profit organizations, small businesses, and restaurants.
UIG has committed more than $3 billion to revitalize urban communities in the United States since 2001. 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.