Hollister Breaks Ground on Newest Addition to Teachers Village in Newark
- Apr 18, 2013
Teachers Village, an education-centric mixed-use project in Newark, N.J., graduates to a new level with the groundbreaking on another residential building that will grace the $150 million development. The aggregate 123 apartment units at the 420,000-square-foot destination in Newark’s historic Four Corners district are being marketed to teachers in the Newark school system.
Hollister Construction Services is aboard the endeavor as construction manager and is now fast at work on the 40-unit multi-family building, which is the second of the three residential buildings that will ultimately sprout up at Teachers Village.
But teachers will have more than a place to live; they’ll have a place to work. Teachers Village will feature three charter schools–Great Oaks, Discovery Charter School and Team Academy–occupying approximately 100,000 square feet of space serving roughly 800 students. Additionally, CHEN School daycare will welcome 150 students in 11,000 square feet.
Instructors, students and visitors alike will benefit from 60,000 square feet.
“We have been active building schools in Newark for several years and we see the positive change a new school immediately makes to the kids and the community, so to build a whole community of schools, retail and beautiful apartments that we know can make a big, transformative and most importantly lasting change is deeply meaningful to our firm,” Chris Johnson, founder and CEO of Hollister, told Commercial Property Executive.
Teachers Village is not being developed on a teacher’s salary and it will show. Celebrated architect Richard Meier is behind the design of the eight-building development. Goldman Sachs is an investor as is intentional investor Nicolas Berggruen. More than a few are eager to participate in this project, which is expected to play a role in the renaissance of the City of Newark.
“If the teachers have a great place to live, teach and play, then the city can recruit better teachers to the area, providing a better education to the city’s youth,” Johnson added. “It’s a full cycle that is necessary to revive a city like Newark.” Construction of Teachers Village is on schedule to reach completion in 2014.