NEWARK-“It’s Hammer Time on Halsey Street!” exulted Brick City Development Corp. CEO Lyneir Richardson at the groundbreaking ceremony of Teachers Village, the mixed-use project located on Halsey Street here. Richardson was joined by New Jersey Gov. Chris Christie, former Gov. Jim Florio, Newark Mayor Cory Booker, Goldman Sachs chairman and CEO Lloyd Blankfein, numerous public officials and developer Ron Beit, managing member of lead developer RBH Group, in turning over the ceremonial first shovels of dirt on the $120-million development.
“Ron Beit had a vision and we all got behind him,” Richardson continued. The long-planned project, designed by famed architect and Newark native Richard Meier, will consist of two school buildings totaling 90,000 square feet, 200,000 square feet comprising more than 200 apartments for teachers and 70,000 square feet of retail that will serve the local community and become a destination for greater Newark.
“Of course, we’re starting to bring business back to Newark,” Christie said. “But in the end, vital cities are those that don’t close at 5 p.m. or 6 p.m. on weekdays. Our goal has been to try to turn the city into a place where parents will raise their children because they can get a great education.”
The school buildings will house three charter schools—Great Oaks, Discovery Charter School and Team Academy—as well as the CHEN School daycare. In all, 800 students from kindergarten through eighth grade, and 150 daycare children, will be served at the complex.
“This project has been a labor of love for the city and the state,” Beit said. “I’ve always looked at these parking lots and seen the towers, the schools that this project will be.”
It is the first phase of a larger development, Soma Village, also designed by Meyer, that eventually will include 15 million square feet. Teachers Village will attain LEED certification, and in fact the entire neighborhood may achieve a LEED designation, said Deputy Mayor Adam Zipkin.
“This project is a personification of all we look to see in our development program,” Zipkin said. “It provides job opportunities, shopping and dining opportunities and educational opportunities.” The project will create more than 400 construction jobs, and 400 permanent jobs upon completion.
The financing team includes Goldman Sachs, the New Jersey Economic Development Authority, the City of Newark (providing various grants), BCDC, the Casino Reinvestment Development Authority, Prudential, TD Bank and New Jersey Community Capital. NJCC committed $10 million in New Market Tax Credits, and also will use its credit enhancement fund to guarantee some lease payments.
“We are creating an edifice that says Newark is not done,” Booker said. “At a time when other people are paralyzed, we are acting.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
