Bank to move HQ into future Newark Whole Foods building

By Dan Ivers | NJ Advance Media for NJ.com
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on December 17, 2015

Newark Mayor Ras Baraka helps break ground on the $174 million project.

 

NEWARK – The much anticipated arrival of a Whole Foods supermarket at the former Hah

ne & Co. department store building has been called a symbol of a new era in downtown Newark.

The building's newest confirmed tenant, however, is something of a nod to the city's past.

City National Bank, established in Newark in 1973, has signed an agreement to lease 13,000 square feet in the Broad Street complex when it opens in 2017, according to developers L+M Development Partners.

"It is appropriate that this iconic building will now include a local banking institution that has been, and will remain, a vital part of the Newark community," L+M Vice President of Development Jon Cortell said in a statement.

With branches in Newark, Paterson and New York City, City National is one of the largest African-American-owned banks in the country. Though it experienced significant difficulties during the financial meltdown that began in 2008, it recently completed a $20 million recapitalization that helped it acquire its new space.

"With this move, we are able to reaffirm our commitment to mission and place, as well as, support significant redevelopment efforts in our city," said Preston Pinkett III, the bank's chairman and CEO.

L+M and its partners broke ground on the $174 million Hahne's project in June. In addition to the Whole Foods and City National, it will eventually include three floors of space for Rutgers-Newark art students, including studios, classrooms and gallery venues.

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