Home to a diverse array of manufacturing activities—from food, apparel, and chemical production to metal fabrication—the city of Newark's industrial legacy is widely appreciated. Newark's Manufacturing industry is positioned for its next boom with a confluence of local and global economic forces and increasing capacity.
Few, if any, cities in the nation can match Newark's prime location and density of resources and infrastructure. Indeed, New Jersey has the greatest density of people in the United States, while the New York City-Northern New Jersey-Long Island area has the nation's highest level of business concentration. Newark's industrial landscape both reflects, and benefits from, these development patterns: The largest share of New Jersey's industrial activity (274,399 manufacturing jobs) is in the northeastern part of the state, with Newark as a prime hub.
Newark is home to hundreds of companies that produce both durable (e.g., metal parts) and non-durable goods (e.g., baked goods) for a varied set of industries and end consumers. According to Brookings research, such a diverse industrial mix is an asset for communities, like Newark, that are located in large, high performing metropolitan areas. Given niche market demand in the region and superior access, Newark has an opportunity to stress "high road" and value-added practices that have the potential to boost innovation and productivity for this group of regionally-savvy suppliers. There is also potential to expand the local and regional manufacturing base to accommodate a broader mix of technologically intensive companies.
Makers Village / Aerofarms, Inc.
This $25 million redevelopment project included a $6.5 million in Grow NJ tax credits to Aerofarms and a $2.2 million ERG grant to Makers Village QALICB, LLC for RBH to redevelop a warehouse in Newark's Ironbound community into a sustainable "Makers Village", with Aerofarms as the tenant. Aerofarms is establishing its headquarters and R&D center, not to mention the world's largest aeroponic farm, at this location. Aeroponic technology is used to grow leafy green vegetables in a nutrient-rich mist, rather than soil, on conveyor belts, maximizing the use of vertical space, and conserving water. This assistance will support the creation of 69 new jobs.
Below are links to our partners' websites.
Newark has over 400,000 sqft of retail in development. This outstanding number is being filled by top class retailers, with a new Whole Foods, Nike Town, Shop Rite, Burlington Coat Factory and more. As the downtown core grows in residential density, new retailers are setting up shop in Newark. The city is transforming into a 24/7 city that is connecting the residential population to new amenities, attractions and services.
The transformation of the Hahne & Co. building has broken ground on a $174 million restoration project. The project, led by L+M Development Partners that will house 160 mixed income housing units, 75,000 square feet of retail, a new cultural arts space for Rutgers University and a Whole Foods.
The project is the preeminent example of success in Newark. Managed and financed through partnerships between private, non profit and private groups, Newark is reinstating its crown jewel. The project was financed through the New Jersey Housing and Mortgage Finance Agency, $66 million from the New Jersey Economic Development Authority, an equity stake from both Goldman Sachs Urban Investments Group, Prudential Financial and Citi Bank.
Located in the heart of Newark's downtown, Hahne's building is bringing premium retail space to enable the development of Newark's best amenities.