Newark Bound

Newark Bound

Newark, N.J., Mayor Cory A. Booker (center) at the groundbreaking for Wakefern Food Corp.'s planned distribution center in the city. Also on hand were Wakefern Chairman and Chief Executive Officer Joseph Colalillo (left) and Joe Sheridan, executive vice president, who is scheduled to become president next year. The 180,000-square-foot, temperature-controlled facility will employ about 120 workers,

Newark, N.J., Mayor Mayor Cory A. Booker (center) at the groundbreaking for Wakefern Food Corp.’s planned distribution center in the city. Also on hand were Wakefern Chairman and Chief Executive Officer Joseph Colalillo (left) and Joe Sheridan, executive vice president, who is scheduled to succeed Dean Janeway as president next year. The 180,000-square-foot, temperature-controlled facility will employ about 120 workers, Wakefern said. The facility will distribute food products to ShopRite and PriceRite stores in the Northeast. “Despite the most challenging economy most of us have ever seen, Newark is continuing to grow and develop, to bring job opportunities and prosperity to our residents,” Booker said. The New Jersey Economic Development Authority provided approval for an Urban Transit Hub Credit in the amount of $45 million on a $65 million capital expenditure project. TD Bank provided a leverage loan under new market tax credit structure for approximately $27 million. Other participants in the transaction are the Re-Investment Fund, which provided new market tax credits and a predevelopment loan of $2 million. Consortium America provided new market tax credits. Brick City Development Corp. provided technical assistance as well as tax abatement.