World’s Largest Indoor Vertical Farm Planned in Newark, N.J.
11 Mar, 2015
RBH Group and its investment partners, Goldman Sachs Urban Investment Group, Prudential Financial Inc., and AeroFarms, together with the city of Newark and the New Jersey Economic Development Authority (NJEDA), recently announced the closing of a $30 million project to redevelop a former industrial site in the Ironbound community of Newark, New Jersey into the world’s largest indoor vertical farm and global corporate headquarters for AeroFarms.
AeroFarms is an aeroponic farm that grows leafy greens, herbs and some flowers in a controlled environment. Upon full build-out, Aerofarms will grow up to 2 million pounds per year of leafy greens in an environmentally controlled, safe and sanitary facility at its Newark facility. It will be the largest indoor aeroponic farm in the world, providing healthy foods to the local community as well as to other markets.
AeroFarms will employ and engage residents in growing locally-sourced produce in an urban area, thus serving as a model for year-round sustainable farming world-wide. A component of the project is intended to include a greenmarket where produce will be for sale to local residents and to other farm markets in the city.
AeroFarms will anchor RBH Group’s broader ‘Makers Village‘ 3-acre development project in the Ironbound neighborhood. The project received New Market Tax Credit allocation from United Fund Advisors and Dudley Ventures.
RBH has acquired, developed, rehabilitated, and/or operated over 1 million square feet of commercial and residential real estate in projects throughout the United States. It has more than 6 million additional developable square feet in institutional-grade sites throughout downtown, Newark, New Jersey.
Renderings provided by RBH Group.
Source: RBH Group press materials.