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Actions A Year of Transformation in Newark
By Lata Reddy, Senior Vice President, Diversity, Inclusion & Impact
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Actions As a member of the Newark community for 140 years, Prudential has had the distinct honor of helping to write the story of Newark. Seeing the sweeping change that has taken hold in 2015 on Broad Street and in Military Park—in Newark's core, I can't help but believe that we are living through the beginning of the city's newest chapter—one focused on growth, transformation and of course, continued partnership and collaboration to ensure the very best future for the city.
This year, we saw the opening of the Nike Store and Starbucks and the revival of Military Park, our city's town common. But one of the greatest examples of Prudential's partnership with the City of Newark and countless community organizations and businesses was the September opening of Prudential's new tower. The tower is more than just office space for our company and employees—it's a symbol of our dedication to this city and our belief in its immense potential. We made a strategic decision to locate the building in the heart of Newark, our hometown for 140 years. One of our goals was to create an economic engine to further strengthen the community. As the building's construction got underway, we jump-started that engine with an additional $150 million in investments in the surrounding neighborhood, including the redevelopment of the historic Hahne & Co. building. These projects alone will add 300,000 square feet of retail space, 250 new hotel rooms and nearly 1,000 housing units to Newark, helping transform it into the kind of vibrant core the city needs to grow and thrive.
Prudential's latest impact investments in Newark build upon our legacy as a partner to the city. Our company was founded in a basement office on Broad Street—just a few blocks from the site of our new tower, in fact—and we have remained headquartered here ever since. From the beginning we have recognized that our success as a company is inextricably linked to the strength of our community. Over the years, we've invested more than $390 million to support valuable civic amenities, such as the New Jersey Performing Arts Center (NJPAC) and Prudential Center, and to improve educational infrastructure and outcomes for Newark students.
The decision to ramp up our investments in Newark over the past few years has been deliberate. Given the current, unprecedented pace at which cities are growing and an increased interest in urban living, we view the present as a critical, now-or-never opportunity to create lasting urban renewal and unleash a cycle of economic development here. This opportunity exists in every distressed American city, and we hope that the tested solutions we've successfully implemented here in Newark give investors the confidence to make similar bets on other urban areas.
We have many reasons to celebrate this year's achievements and we look forward to continued positive change in 2016—a year that will mark Newark's 350th anniversary. We are already seeing how this year's developments have helped attract new jobs, a broader pool of skilled local talent, more urban consumers and vibrant streets, and we're excited for what's in store for the city we are prouder than ever to call home.
Check out #20StoriesofStrength on Instagram to follow along as we share photo and video vignettes celebrating the history Prudential shares with Newark and the community champions who are helping write the city's next chapter.
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