In 2015, public and private partners crafted a plan to transform the vacant former Hahne & Co. department store into a thriving, modern residential and retail community. This partnership between the New Jersey Housing and Mortgage Finance Agency (NJHMFA), The New Jersey Economic Development Authority (EDA), the National Park Service, L+M Development Partners Inc., Prudential Financial, and the Goldman Sachs Urban Investment Group led to the rehabilitation of the 400,000 SF building and construction of a 120,000 SF, nine-story addition that connects to the original structure via a shared lobby and atrium. The redevelopment of the former Hahne & Co. department store plays a central role in the economic revitalization of downtown Newark. The now completed mixed-use development offers new housing, retail, jobs and educational opportunities. Newark Mayor Ras Baraka calls it, “an example of how public and private partners can collaborate for the good of our city.”
The Hahne & Co. site is ideally situated in an area that will benefit from much-needed affordable and market rate housing. Located in downtown Newark, across from Military Park and adjacent to the new 20-story Prudential office tower, the former department store site is surrounded by many residential and retail uses, Rutgers University and NJIT buildings, recreational centers, and cultural centers including NJPAC and the NJ Historical Society. Several NJ Transit bus stops and light rail stations, shops and restaurants, and places of worship are also within walking distance.
In addition to a centralized city location, Hahne & Co. brings income diversity to Newark. Among the 160 residential units, 96 are market rate, and 64 are affordable to households making 60% or less than the area median income. This blend of mixed-income housing, within a mixed-use, retail setting, increases community diversity, expands the local tax base, drives economic growth and strengthens the long-term vitality of the community.
The Hahne & Co. building was listed on the National Register of Historic Places in 1994. To honor the historic significance of the building, the developer preserved key elements of the former department store, including the façade, the original signage and the building’s expansive, 200-foot long skylight, that had been covered up since World War II. The skylight was dismantled, fully restored and reinstalled piece-by-piece in the new retail arcade. New windows and retail storefronts were designed to closely match historic precedents and meet modern energy conservation requirements. Now complete, Hahne & Co. will once again takes its rightful place as the crown jewel of downtown Newark, leading the way for a 21st century renaissance of New Jersey’s largest city.
Location: Newark, NJ
Developer: L + M Development Partners
Partners: New Jersey Housing and Mortgage Finance Agency; Goldman Sachs Urban Investment Group; Prudential Financial; Citibank; New Jersey Economic Development Authority