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Construction is now underway for Wakefern Food Corp.'s new Newark, NJ, distribution center, which will be located in the city's East Ward area. When completed, the 180,000-square-foot temperature-controlled facility will distribute food items to ShopRite stores throughout the Northeast and employ about 120 associates on a permanent basis. A projected second phase of building will add 100,000 square feet to the DC.
New Jersey’s State Economic Development Agency provided approval for Urban Transit Hub Credit in the amount of $45 million on a $65 million capital expenditure project. TD Bank extended a leverage loan under new market tax credit structure for about $27 million. Among the other participants in the transaction were the Re-Investment Fund, which provided new market tax credits and a predevelopment loan of $2 million; Consortium America, which provided new market tax credits; and Brick City Development Corporation, which provided technical assistance as well as tax abatement.
“This project was driven by a group of development partners and city and BCDC professionals working together to turn denizens of doubt into heroes of hope," noted Newark Mayor Corey Booker.
The Wakefern project is just one of the items on the growing list of new developments currently progressing during Newark's “groundbreaking year,” according to Booker. “[We’ll see] over $700 million in new development, the construction of over 2 million square feet of new or renovated space, and the creation of over 2,500 construction jobs and over 2,500 permanent jobs.”
Keasbey, N.J.-based Wakefern, the largest retailer-owned cooperative group of supermarkets in the United States. operates more than 2.5 million square feet of grocery and nonfood warehousing.