Whole Foods Market and Hanini Develop Green Renovation Plan For New Store Location
 |
| Location for the Newark, NJ Whole Foods Market Source: PBS |
Slated to open in 2016, Whole Foods will occupy a 29,000 square-foot space and provide both the downtown corridor and surrounding city with access to fresh, quality food. The new 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.
This is the first Whole Foods Market in Newark and is aligned with the city’s revitalization project. The company expects to employ 150 new team members. Newark’s Central Planning Board and Landmarks and Historic Preservation Commission approved this project in July. This is the largest rehabilitation effort in recent years.
"We know that Whole Foods Market brings with them a deep commitment to community engagement and advancement, and we welcome them as a long-term stakeholder in our city's continued success," stated Mayor Cory Booker.
Together with a $7.5 million investment by Prudential, Goldman Sachs Urban Investment Group (Goldman Sachs) L+M Development Partners (L+M) and Hanini Group purchased the building in early 2013 and are subsequently performing substantial predevelopment work in order to create a vibrant downtown in Newark.
Additionally, L+M and Hanini will co-develop with Regan Development Corporation and Crawford Street Partners, to 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.
Green Education Services is excited for the renovation of the historic building. Renovation of a structure that has been defunct since 1988 will be a challenge for the developers and construction workers. Depending upon the previous work done to the building, there may be a great deal of tasks to undertake, such as: Lead Abatement, Asbestos removal and Mold remediation. GreenEDU offers certifications and refresher courses in these and other green building initiative classes.
About Whole Foods Market ®
Founded in 1980 in Austin, Texas, Whole Foods Market is the leading natural and organic food retailer and America's first national certified organic grocer. The company's motto, "Whole Foods, Whole People, Whole Planet"™ captures its mission to ensure customer satisfaction and health, Team Member excellence and happiness, enhanced shareholder value, community support and environmental improvement.
About L+M Development Partners
Since 1984, L+M Development Partners has been an innovator in developing quality affordable, mixed-income and market rate housing, while improving the neighborhoods in which it works. A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. Community leaders, government officials and investment organizations turn to L+M because of its consistent track record of excellence.
L+M is a double bottom line company, where its success is measured not only in financial returns but also by the positive impact it makes. L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people. Additional information can be found at www.lmdevpartners.com.
About Hanini Group
Hanini Group takes great pride in its integral involvement in the renaissance of Newark's downtown, and the development projects it has carried out successfully in the past nine years. Hanini Group's involvement in the design and construction of select retail space, as well as the creation of unique and modern residential units has contributed significantly to the outlook for the future of Newark's real estate market, both commercially and residentially. Hanini Group brings a fresh perspective to Newark's emerging development, while staying ahead of the curve by using the latest green building practices.
About the Urban Investment Group at Goldman Sachs
Established in 2001, the Urban Investment Group deploys the firm's capital by making investments and loans that benefit urban communities. Through its comprehensive community development platform, UIG is a catalyst in the revitalization of underserved neighborhoods. UIG is part of The Goldman Sachs Group, Inc. (NYS: GS) . To learn more about UIG, visit www.gs.com/uig.
About Prudential
The Prudential Insurance Company of America is a subsidiary of Prudential Financial, Inc. (NYS: PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2013. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. For more information, please visit www.news.prudential.com.
