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City Of Newark Approves Initial Restoration Plan For Landmark Hahne & Company Building At 609 Broad Street

Stocks in this article: PRU

The City of Newark Central Planning Board (CPB) today approved a plan by L+M Development Partners (L+M), the Hanini Group (Hanini), and the Goldman Sachs Urban Investment Group (GS) to restore the landmark 400,000 square-foot Hahne & Company (Hahne’s) building at 609 Broad Street in Newark, New Jersey. This decision signals a continued commitment by the City to bring important new housing and retail opportunities to downtown Newark. The Prudential Insurance Company of America provided a $7.5 million loan through its Social Investments program to help the development team acquire the building.

“The 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.”

In honor of the building’s historic significance, the current proposal will preserve key elements of the four-story building, including its facade and original signage. The first floor will feature retail space designed to re-engage the building with Broad Street’s vitality and augment the growth of small businesses on the Halsey Street corridor. Upper floors will feature residential units with the addition of a fifth floor for penthouse apartments. The plan also involves constructing a new six-story mixed-use building at the vacant lot on the corner of Halsey and New Streets, which will be connected to Hahne’s via a shared lobby and atrium.

Once completed, redevelopment of the site will provide more than 180 residential units, 80,000 square feet of space for commercial, community, and office use on upper floors, nearly 80,000 square feet of ground-level retail space, and an underground parking garage with more than 200 spaces. As a geographic cornerstone of downtown Newark, a restored Hahne’s will also connect University Heights, home of five major educational centers—Rutgers University, New Jersey Institute of Technology, Seton Hall Law School, Berkeley College, and Essex County College—with the New Jersey Performing Arts Center (NJPAC).

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