Prudential’s headquarters city has welcomed back its iconic Hahne & Co. Building, Newark’s formerly glittering downtown department store that rivaled New York City’s Saks Fifth Avenue. Prudential partnered with L+M Development to lead the $174 million redevelopment project.
After nearly three decades of being abandoned, Hahne’s closed in the late 1980s after years of decline following World War II, punctuated by the 1967 Newark Rebellion. Today, the mixed-use building offers market-rate apartments, a Whole Foods Market, a Barnes & Noble bookstore, education space for Rutgers University-Newark and soon to be opened restaurant from celebrity chef Marcus Samuelsson.
“Reopening Hahne’s is symbolic of the city’s reawakening as a vibrant urban center that provides access to quality jobs and education, while also attracting visitors back to the city,” said Lata Reddy, vice president of Corporate Social Responsibility and chair and president of The Prudential Foundation. “This project is an important part of the investments we’re making in Newark to build a walkable, thriving community that lifts the entire city, and creates a blueprint for revitalizing similar cities throughout the country.”
The investment in Hahne’s is among several organizations spearheaded by Prudential’s Impact Investing team, whose approach seeks to generate financial returns while creating social impact.
Impact investments in the downtown Newark corridor are part of a broader commitment to the city dating back more than 140 years to Prudential’s founding in downtown Newark. In the last decade, Prudential has committed more than $1 billion into a variety of projects including its own new office tower, the transformation of Military Park, the city’s first three hotels in more 40 years and a series of mixed use developments that include Hahne’s, Teachers Village and One Theater Square.
“We continue to make long-term investments in the city because we know meaningful change takes time. And we have the patience and commitment to make a difference,” Reddy continued.
Prudential intends to continue this long history of transformative investments and plans to partner on a number of major developments in the next five years. These projects will add thousands of new residential units, which are in increasingly high demand. For example, Teachers Village is already experiencing a two-month waiting list. As the residential population starts to grow, Newark is poised to become a thriving 24/7 destination.