Waiting for a new Newark
June 7, 2017
RBH Group, the developer behind Teachers Village, played a big role in cultivating the revitalization of Newark. Those planted seeds are starting to come into bloom.
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“It’s getting very exciting, I can tell you that,” said Ron Beit, the founding member of RBH Group, a development firm that controls swaths of downtown. The company is wrapping up construction of the final component in the six-building, five-block Richard Meier-designed Teachers Village project: a seven-story, 83,000-square-foot structure with 10,000 square-feet of retail, 81 apartments and an indoor basketball court.
“There is a lot going on now, and in very meaningful increments,” added Beit, whose first major investment in the city was the nine-story, 47,000-square-foot Beaux-Arts office furniture showroom and warehouse at 89 Market Street, which was purchased out of bankruptcy for about $1 million in 2001.
“It’s not haphazard, and it’s very deliberate,” the developer said.
Even if incremental, the pace of development in Newark finally appears to be gaining real steam, especially on the housing front.