City of Newark officially opens renovated Hahne Building

Newark Mayor Ras Baraka led the official opening of the Hahne Building on Monday. Prudential Financial, L M Development and Goldman Sachs Group partnered with Citi Community Capital to make the restoration happen.Newark Mayor Ras Baraka led the official opening of the Hahne Building on Monday. Prudential Financial, L M Development and Goldman Sachs Group partnered with Citi Community Capital to make the restoration happen. 

“This is the first time we get to have a public-private partnership of this magnitude in the city of Newark that is going to change the footprint of this city,” Baraka said.

The lower floors of the building are set aside for private retail and arts. Rutgers University-Newark currently operates an arts and cultural center. Chef Marcus Samuelsson plans to open a restaurant on the Halsey Street side of the building. And over 75,000 square-feet have been set aside for retail space. The Hahne building will also hold a Whole Foods, the first one ever in Newark.

Express Newark, an arts incubator by Rutgers-Newark, will include classrooms, a 3-D printing studio and galleries. 

 “Through our investments, which total almost $675 million and can be seen across the city, we are dedicated to helping improve Newark’s physical environment as well as providing solutions that advance the upward mobility of the city’s residents,” said Lata Reddy, vice president of corporate social responsibility for Prudential Financial.

The Hahne Building has been renovated as a multiuse building and is comprised of 160 new apartments —64 of them are being set aside for affordable housing.

Baraka, as well as the representatives from their respective organization, spoke fondly of the building and thanked everyone being involved in the revitalization of one of the city’s landmarks. 

U.S. Sen. Cory Booker attended the event briefly, and thanked Newarkers for their constant involvement throughout the effort.

“It was generations of Newarkers and Newark-loyal people, like leaders of Prudential, that are a part of the incredible movement that is going on in Newark right now,” Booker said. He then stated he had to rush to Washington, D.C., because of the executive orders that were passed. Booker also thanked Baraka for his vision for the city.

Ron Moelis, CEO and co-founder of L M Development Partners, said he was humbled to be able to be a part of the reopening of the Hahne Building.

“It was not only a retail space, but a true place for the community and life well-lived … This city is on the brink of something extraordinary … and I am pleased to be a part of it,” Moelis said.

According to a news release, renovations of the Hahne totaled $174 million and was made possible through a partnership with the New Jersey Housing and Mortgage Finance Agency and the New Jersey Economic Development Authority. L M, Prudential and Goldman Sachs provided private equity and debt was provided by Citi Community Capital, Morgan Stanley, The New Jersey Community Capital, the Low-Income Investment Fund and the Reinvestment Fund. Beyer Blinder Belle, a New York-based firm, was the lead architect. 

Lata Reddy