Prudential Financial, Inc., L+M Development Partners, and The Goldman Sachs Group, in partnership with Citi Community Capital joined Newark, New Jersey Mayor Ras Baraka to celebrate the grand opening of the historic Hahne & Company building in downtown Newark. The restored building features an arts and cultural center operated by Rutgers University-Newark and around 75,000 square-feet of new retail space on Broad Street, including Newark’s first Whole Foods. The project was accomplished with support from local co-developers Hanini Group and Crawford Street Partners.
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 and working families earning between 40 and 60 percent AMI. The new homes are located on the third and fourth floors of the existing Hahne’s building and in a new nine-story residential building on the corner of New and Halsey Streets, which will connect to Hahne’s through a shared lobby and public atrium. Chef and restaurateur Marcus Samuelsson plans to open a 2,250 square-foot restaurant on the Halsey Street side of the building.
“As Newark continues to attract innovators and dreamers who see the promise of our great City, it is imperative that we incorporate aspects of Newark’s history and authentic character into our continuing development,” said Baraka. “The revitalization of this iconic structure has married the grandeur of our past with the possibilities of our future. The reopening of the Hahne & Company building also bridges many of us, as native Newarkers, with our parents, grandparents, and families who once spent time shopping within these walls. This is a transformative moment for our City.”
“For 86 years, the Hahne’s & Company department store was a source of pride for this city. It was not only a retail space, but a true place for the community and life well-lived,” added Ron Moelis, CEO and co-founder of L+M Development Partners. “I am humbled to be here today to reopen the doors of Hahne’s once again to the people of Newark. This city is on the brink of something extraordinary. It is teeming with energy and raw momentum, and I am pleased to be a part of it.”
“The reopening of the iconic Hahne’s building is a catalyst to creating a thriving, walkable, 24/7 city that provides access to quality jobs and education while also attracting visitors to our city. The building’s strategic location connects the Rutgers-Newark campus to Prudential’s new tower, Military Park, and the New Jersey Performing Arts Center, forming the vibrant core that energizes the city,” said Lata Reddy, vice president, Corporate Social Responsibility, Prudential Financial, Inc. “Prudential was founded in Newark more than 140 years ago, and we have been fiercely committed to the city ever since. Through our investments, which total almost $675 million and can be seen across the city, we are dedicated to helping improve Newark’s physical environment as well as providing solutions that advance the upward mobility of the city’s residents.”