From the New Jersey market report: If Newark is actually finally officially revitalized — considering that news of its rebirth has been reported since roundabout 2005 — quinoa salad may represent a turning point.
In March, the Brick City welcomed Whole Foods Market and its pricey gourmet groceries to the long-shuttered 30,000-square-foot Hahne and Company department store space on Broad Street. The high-end grocer signed up for a 10-year lease in a deal with L+M Development Partners brokered by Chase Welles at the Shopping Center Group. The market rate for Broad Street retail is $40 per square foot, but a representative for L+M said Whole Foods will pay a bit less than that. It’s a long-term investment for Whole Foods, the modern-day signifier of a well-heeled neighborhood. As such, it’s expected to reassure developers and investors that a city once known for violence and poverty is now safe and open for business, longtime property owners say.