U.S. Senator Cory Booker joined RBH Group’s Ron Beit and Newark Mayor Ras Baraka at the official opening of Teacher’s Village in downtown Newark on Tuesday.
The trio commemorated the delivery of the last of six buildings at the complex and the culmination of a $150 million investment to house 203 units, four schools and 65,000 square feet of retail space.
“It’s exciting to see that the vision we had for this neighborhood which just a few years ago was made up of surface parking lots and dilapidated buildings has become a community centered around the educators of the children of this city,” Beit, the CEO and founder of RBH Group, said. “I want to thank a host of public and private partners, elected officials, civic leaders and the Newark community for their support, wisdom, commitment and leadership over the past years that have made Teacher’s Village a reality and a great success.”
According to RBH, 65 percent of residents at Teacher’s Village are teachers or educators. The complex is also home to KIPP SPARK Academy, Discovery Charter, CHEN Daycare and Great Oaks Charter schools.
Financing for Teacher’s Village includes New Jersey Economic Development Authority, the City of Newark, Newark Community Economic Development Corporation, the Casino Reinvestment Development Authority, TD Bank, New Jersey Community Capital, National Community Investment Fund, Building America CDE, Deutsche Bank, Chase and Carver Federal Savings Bank.
“We laud Ron Beit’s vision because Teacher’s Village is more than a real estate development," Baraka said. "This pioneering initiative will strengthen our city’s economy while it simultaneously provides housing for teachers, schools for our youth and businesses that create jobs and entrepreneurial opportunities.”