NEWARK, NJ-City planners have approved a restoration plan for the landmark Hahne & Co. building in dowtown Newark, which will be converted to mixed uses that include 180 apartments.
L+M Development Partners, the Hanini Group and the Goldman Sachs Urban Investment Group are redeveloping the 400,000 square-foot former department store building at 609 Broad Street, which was built in 1901.
“Hahne's building is an icon of the city's past, not only for those who admired its magical window displays decades ago, but also for current residents who now live and work around it,” said Samer Hanini of the Hanini Group. “This will be one of the largest rehabilitation efforts in Newark's historic downtown in recent years, and will be a critical piece in the city's revitalization.”
The Prudential Insurance Co. of America – which has its offices in downtown Newark - provided a $7.5 million loan through its Social Investments program to help the development team acquire the building.
The restoration plan preserves key elements of the four-story building, including its facade and original signage. The first floor is then to be renovated as retail space to mesh with the growth of small businesses on the Halsey Street corridor, according to the developers plan.
Residential units will occupy the three upper floors, and a fifth floor story for penthouse apartments is to be added. In addition, the developers plan to build a new six-story mixed-use building on the now-vacant lot at the corner of Halsey and New Streets that will be connected to the Hahne's with a shared lobby and atrium.
Hahne's will have its residential entrance on Halsey Street, a one-way street that has a variety of new restaurants and cafes.
A total of 80,000 square feet of the building on the upper floors will be created for commercial, community, and office use, with roughly the same amount of ground-level retail space, plus an underground parking garage with more than 200 spaces.
The project is planned as a cornerstone for downtown Newark, connecting University Heights - home of Rutgers University, New Jersey Institute of Technology, Seton Hall Law School, Berkeley College, and Essex County College campuses - with the New Jersey Performing Arts Center.
“The Hahne's building is the lynchpin connecting the various corridors that make up downtown Newark,” said Ron Moelis, L+M's CEO. “Restoring the building will not only add to the City's energy, but also serve as a catalyst for attracting new investment, residents, and economic activity that will ensure the success of Newark's revival.”
Other redevelopment efforts currently underway nearby include the refurbishing of Military Park and Prudential's new office tower, which is going on an adjacent block.
Lata Reddy of Prudential's Corporate Social Responsibility team said, “Redeveloping the Hahne's building is part of Prudential's broader strategy to invest in projects that integrate downtown's numerous assets into a thriving and cohesive destination."
Mayor Cory A. Booker added that “the new Hahne's building will serve as another reminder that our city not only cherishes its history, but grows stronger and more vibrant every day.”
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