First Whole Foods Coming to Newark, N.J.

Newark residents may see their first Whole Foods supermarket… in a year or two.

On Monday, dozens of city officials and private developers celebrated the groundbreaking of a 440,000 square foot, mixed-use retail and residential building on Broad Street.

The building’s star lessee – Whole Foods – will coexist beside 160 mixed-income apartments.

Developers estimate that the project will open in 2016, according to the Wall Street Journal.

According to NJ.com, the property was purchased last year by Newark-based Hanini Group in partnership with L+M Development:

“It’s transformation is being financed with $174 million in public, non-profit and private dollars. Partners include the state Housing and Mortage Finance Agency ($66 million), New Jersey Economic Development Authority ($40 million), and $67 million in equity from Goldman Sachs, Prudential Financial, Citi and other sponsors… The project will also receive $40 million in tax breaks approved by state officials in December.”

Photo caption: A Whole Foods store in Columbia, MD gets ready to open.