The new Whole Foods Market will be housed on the ground floor of the 400,000 square-foot landmark building, which was once home to the Hahne’s department store. The project, one of Newark’s largest rehabilitation efforts in recent years, was approved in July by Newark’s Central Planning Board and Landmarks and Historic Preservation Commission. The redevelopment, a project that L+M and Hanini will co-develop with Regan Development Corporation and Crawford Street Partners, will provide more than 180 residential units, an underground parking garage, 80,000 square feet of commercial, community, and office space on upper floors, and 50,000 square feet of ground-level retail space in addition to the Whole Foods Market.
“Hahne’s was once the heart of Newark’s bustling downtown corridor, and bringing exciting new retail and housing opportunities back to the building will be critical for its restoration,” said Ron Moelis, Chairman and CEO of L+M. “We strive to find partners who share our commitment to enriching the communities in which we develop, and are excited to work with Whole Foods Market for the second time and continue our partnership with Goldman Sachs and Prudential. We hope our joint efforts will bring new economic activity and community development opportunities to downtown Newark.”
“The addition of a Whole Foods Market is exactly what downtown Newark has been waiting for,” said Samer Hanini of Hanini Group, co-developer on the Hahne’s project. “As a Newark resident myself, I’ve seen first-hand the vibrant transformation the city has undergone over the past several years. Yet amid these exciting new developments, Newark has been missing a key element to connect the downtown corridor. Whole Foods Market will undoubtedly fill this gap.”
Together with an investment by Prudential, Goldman Sachs, L+M, and Hanini Group purchased the building in early 2013 and are subsequently performing substantial predevelopment work. “We are thrilled to play a role in bringing the Hahne's building, a true Newark treasure, back to life. Once renovated, Hahne's will include a mix of tenants that will be critical to the continued revitalization of downtown Newark,” said Margaret Anadu, vice president in the Goldman Sachs Urban Investment Group. “Whole Foods Market will be an exciting and dynamic cornerstone in this restoration and will perfectly complement the housing and other retail. Not only will it provide high quality fresh food to a community that deserves improved access and healthy options, but it will also create quality jobs for Newark residents."