AeroFarms, RBH Group and its investment partners, Goldman Sachs Urban Investment Group, Prudential Financial Inc., together Prudential Financial, City of Newark, and NJEDA Partner to Redevelop with the City of Newark and the New Jersey Economic Development Authority (NJEDA), announce the closing of a $30 million project to redevelop a former industrial site in the Ironbound community of Newark, NJ into a large indoor vertical farm and global corporate headquarters for AeroFarms, a commercial grower for vertical farming and controlled agriculture.
AeroFarms is building a state-of-the art 69,000 square foot indoor vertical farm and global headquarters in a converted steel factory located at 212 Rome Street that is owned by RBH Group. Currently under construction, the first phases will open in the second half of 2015, creating approximately 78 jobs in a local community with an unemployment rate that is twice the national average. Additionally, AeroFarms has partnered with the Ironbound Community Corporation to create a recruiting and job training program targeting local residents.
David Rosenberg, CEO for AeroFarms, said, “We are excited to redefine not only the Garden State but also agriculture overall. Partnering with RBH, Goldman Sachs, Prudential, the City of Newark and NJEDA allows us to bring our global headquarters and the world’s largest indoor vertical farm close to where the consumer is, offering a fresher, more nutritious and delicious product while also creating jobs in the community. We are also happy to build on our deep ties within the Newark community over the last 4 years, where we have had one of our working farms in the cafeteria of Philips Academy Charter School, offering the shortest farm to table experience around for the students.”
Ron Beit, founding partner and CEO of RBH Group, said, "We are delighted to introduce AeroFarms, a farming and technology leader, to the City of Newark, creating jobs for local residents and greater access to locally grown produce for our community. AeroFarms will anchor our broader “Makers Village” development project in the Ironbound neighborhood that will compete toe-to-toe with the Brooklyn Navy Yard in terms of a superior cost structure and greater transmodal access, bringing 21st century “maker-type” businesses to Newark and the State of New Jersey."
Margaret Anadu, Managing Director, Goldman Sachs Urban Investment Group, said, “AeroFarms’ innovative vertical farming technology will help boost the local economy, promote healthy food options locally, and support environmental sustainability. Importantly, the project will also create high-quality, accessible local jobs, marking an important step in the continued revitalization of the Ironbound neighborhood.”
“We expect AeroFarms to build on Newark’s history as a hub for manufacturing and innovation by attracting and retaining businesses that will grow through the 21st Century,” said Lata Reddy, vice president of corporate social responsibility and president of The Prudential Foundation. “Next generation agri-businesses, such as AeroFarms, represent economic opportunity for Newarkers and development that will benefit the entire region.”
The building is located on a 3-acre industrial site in the center of the Ironbound community in Newark, NJ. It is adjacent to elevated truck Route 1 and 9, a freight rail right of way, and to other industrial businesses along Rome and Christie Streets.
When completed, AeroFarms will have the capacity to grow up to 2 million pounds per year of baby leafy greens and herbs in an environmentally controlled, safe, and sanitary facility. It will provide healthy foods to the local community as well as to other markets. AeroFarms is a model for successful, sustainable farming offering 75 times more productivity per square foot annually than a traditional field farm while using no pesticides and consuming over 95% less water.
Mayor Ras J. Baraka said, “Newark is excited to partner with RBH Group,
AeroFarms, Goldman Sachs, Prudential Financial and the New Jersey
Economic Development Authority on the creation of the world's largest
indoor vertical farm. “Newark is increasingly becoming a destination City for high-tech and environmentally-friendly commerce, and this $30 million project in the East Ward will bring jobs and prosperity to our City. It will also expand the role of urban farming and locally-produced vegetables in our City. This will provide greater access to healthy and inexpensive food choices for our residents, helping them live healthier lifestyles.
“This development initiative is a win for everyone involved, and will have a major impact on our City’s economic and physical health, and our efforts to transform Newark into a City we can all believe in. I congratulate RBH, AeroFarms, our Economic Development team, and all other partners on making this project happen.”
“The New Jersey Economic Opportunity Act is effectively working to spur growth in our cities and create new job opportunities for our residents,” said NJ Economic Development Authority President and Chief Operating Officer Timothy Lizura. “The transformation of a vacant warehouse in Newark into a headquarters and manufacturing facility for an emerging company is exactly the kind of project the Act was created to advance. The novel technologies that AeroFarms is developing could affect growers around the world, placing New Jersey once again at the forefront of innovation.”
For more information
AeroFarms
Marc Oshima
Co-Founder + Chief Marketing Officer
C: 917-673-4602
