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AeroFarms*

Newark, NJ

Founded in 2004, AeroFarms is a mission-driven company leading the way to address the global food crisis by building, owning, and operating farms that grow local, flavorful, safe, healthy food in a sustainable and socially responsible way, setting a new standard for totally controlled agriculture.

With the intention to centralize its workforce, allow for future growth, and foster innovation, AeroFarms built its new Global Headquarters in Newark’s historic Ironbound District on a vacant, former steel mill site. The new facility, located at 212 Rome Street, expanded existing production capacity and provided a single, consolidated location for AeroFarms’ Corporate Headquarters, the Research & Design Department, and Engineering Department.

MBS Urban Initiatives funded a $6 million New Markets Tax Credit investment to build an additional 21,935 square feet that includes office and conference space; research, community outreach, marketing and design departments; and an additional production line that increased AeroFarms’ capacity to produce highly, nutritious, flavorful baby leafy green vegetables indoors, in a sustainable manner.

AeroFarms’ commitment to the local community is about (1) creating jobs, (2) educating families, and (3) partnering with schools with their aeroponics systems.

This institution is an equal opportunity provider.

 

Quick Facts 


Square Footage: 21,935 SF

Total Investment: $8,468,507

Developer/Owner: AeroFarms

Allocatees: MBS Urban Initiatives CDE, New Jersey Community Capital

NMTC Equity Investor: Goldman Sachs

Architect: KSS Architects

Direct lender and leverage lender: Goldman Sachs

Community Partner(s): Ironbound Community Corporation, Phillip’s Academy Charter, City of Newark, Rutgers University, Newark Conservancy Reentry Program, New Community Corporation, NJ Department of Labor

Construction Jobs: 107 FTEs

Projected Permanent Jobs: 104 FTEs (51 new / 53 retained)