JV Approved to Restore Historic N.J. Building
- Jul 23, 2013
Newark, N.J.—The City of Newark Central Planning Board approved a plan by L+M Development Partners, the Hanini Group and the Goldman Sachs Urban Investment Group to restore the historic Hahne & Company building in Newark, N.J.
“The Hahne’s building is an icon of Newark and the cornerstone that connects the various corridors of downtown Newark,” Samer Hanini of the Hanini Group tells MHN. “Restoring the building will not only add important housing and retail opportunities in the city, but will also serve as a catalyst for attracting the new investment, residents, and economic activity Newark needs to ensure its continued revival.”
The rehabilitation will preserve elements of the four-story Hahne & Company building, including its façade and original signage. Once complete, the first floor will include retail space, and the other floors will have residential units. Additionally, a fifth floor will be added for penthouse apartments. A new six-story mixed-use building will also be developed, which will be connected to the Hahne & Company building by a shared lobby and atrium. The completed property will feature more than 180 apartments.
The community will also connect University Heights, which includes Rutgers University, New Jersey Institute of Technology, Seton Hall Law School, Berkeley College and Essex County College, with the New Jersey Performing Arts Center.
The Prudential Insurance Company of America provided a $7.5 million loan through its Social Investments program to help the developers acquire the community. Beyer Blender Belle Architects and Planners LLP, as well as Inglese Architecture and Engineering, will provide architectural and engineering services for the project.