“Teachers Village” is a new education public-private partnership in Newark, NJ, that includes three charter schools and affordable housing for teachers.
The public-private partnership, often known as PPP or P3, was recently detailed in The New York Times. According to the article, the city, the state of NJ, and developers are working together using government subsidies, including about $28 million in school/redevelopment bonds, and $77 million in tax credits. Also utilized was approximately $12 million in loans from the city, the Casino Reinvestment Development Authority, and one other agency.
Newark officials described the investment as a win on many levels, due to increased property tax payments, payroll and parking taxes, construction jobs, and permanent jobs—all in addition to a huge step in redeveloping a rundown area of the City.
The three charter schools are expected to educate 1,360 kids.
Also being build are 220 apartments, which will be marketed both to teachers and families of students.
Ultimately, Teachers Village is just the first step of an urban renewal development that will encompass 32 parcels of land, 15 million square feet of space, and several skyscrapers.
Architects of the projects spent significant time with the local landmarks commission to ensure some measure of historic preservation.
One of the lead developers, RBH Group, spoke of building a “middle-income utopia,” ultimately offering subsidized and market rate housing while drawing in upscale retailers.
The original coverage from The New York Times can be found here.
Additional coverage and photos from NJ.com is also available.
One of the architectural firms involved with the project, KSS Architects, outlined some details on the project, and provided a downloadable PDF as well.
Video and additional coverage was also uncovered by Gov1 at architecture-focused Website ArchDaily.
And some renderings of the project have been made available by Goldman Sachs, which provided some of the funding.