Newark's iconic Hahne Building project wins New Jersey Smart Growth Award
Prudential's investment is helping to give the iconic building new life as a mixed-use complex
The Hahne & Co. building, a historic space in downtown Newark, New Jersey, is positioned to become a symbol of the city’s revival. With Prudential’s support, along with three additional partners, the once abandoned building is now being renovated, and the work done so far is already being recognized.
On June 9, the Hahne building received the 2016 "Smart Growth Award" from New Jersey Future. Since 2002, the awards have honored smart planning and development in New Jersey, highlighting some of the best examples of sustainable growth and development in the state.
"This project is an example of collaboration at its best including the private sector, the public sector and anchor institutions here in Newark. While the list of collaborators is extensive, we share one common interest: to repurpose an iconic building that will house new retail and residences making a long-lasting impact in Newark," says Lata Reddy, vice president of corporate social responsibility for Prudential. "We are honored that the project received this accolade and thank New Jersey Future for acknowledging the Hahne building’s potential."
Upon opening in 1911, the Hahne building was one of the largest and most elegant retail stores in America. Today, the 400,000-square-foot space is being converted into a mixed-use complex that will include 160 residential units for mixed-income tenants, an arts and cultural center for Rutgers University, a Whole Foods and offices for City National Bank, which is among the 10 largest African American-led banks in the country.
Prudential invested almost $50 million in the redevelopment of the building. Most of the retail stores in the building are expected to open in the first quarter of 2017.
Want to learn more about Prudential’s commitment to revitalizing Newark and its impact investing efforts? Contact Lisa Villareal.