This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Whole Foods Market Signs Lease For Space In The Soon-to-Be-Restored Historic Hahne’s Building In Downtown Newark

Stocks in this article: WFM

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."

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs