Newark Educators Collaborative Charter School to open Tuesday

Project manager READS calls facility an asset to Lincoln Park families

FOR IMMEDIATE RELEASE

NEWARK (Sept. 2, 2009) – For some 200 students in Lincoln Park, “back to school” this Tuesday will mean going to a school that is new in every sense of the word.

It will be the first time any of the students has set foot in Newark Educators Charter School, one of a handful of new charter schools in New Jersey to open their doors for the first time this year. And the school building itself is new, the product of a construction project begun this spring under the supervision of Real Estate Advisory and Development Services Inc., a not-for-profit real estate firm from Metuchen.

"Newark Educators Charter School is going to bring a lot of good things to the Lincoln Park neighborhood,” said Brian Keenan, president and founder of READS. "Its staff are committed to providing a first-rate education to the children who go there, and its administrators have been working hard to develop the best cutting-edge program they can. We're glad to have had a part in that by bringing the school a facility they can be proud of."

The school facility, located at 17-19 Crawford St., previously had been used as horse stables by residents of the Lincoln Park neighborhood. Work on the building involved rehabilitating the building, and increasing the floor space from 18,000 to 28,000 square feet. Much of the historic character of the property has been left in place, with exposed brick visible throughout the building. Enrollment is set at 200 students.

With construction work finished, the school offers educational space as unique and forward-thinking as its program. Each grade level occupies two classrooms that share a common learning space for small group instruction and specialty learning.

The school also has a large space on Washington Street for physical education, and for hosting arts and cultural activities to link the school to the wider learning community.

Financing for the build-out came from the Victoria Foundation, which provided READS with a seven-year, $700,000 low-interest loan. Crawford Street Partners, which owns the property, is leasing it to READS, and READS in turn is subletting it to the charter school. The organization will have the option of buying the school after seven years.

Unlike traditional public schools, charter schools in New Jersey are unable to sell construction bonds to build new facilities, and must either pay rent or acquire a facility through their operating budgets. Over the past six years, many of them have turned to READS for its guidance and expertise on school construction.

"We've helped some charter schools move into and update older school facilities, and in one case, we helped a charter school convert a bowling alley into their facility," said Keenan. "So while horse stables may seem unusual to someone, the truth is that each and every charter school is a reflection of the history, the character and the resources of the community it grows in."

READS is a nonprofit real estate development company committed to building strong organizations and communities through innovative real estate development. Since its inception in 2003 READS has helped dozens of charter schools to obtain and build facilities that meet their needs.

Newark Educators Collaborative Charter School emerged from a 12-year partnership between the Newark Public Schools and Bank Street College of Education. The school intends to model a culture of authentic parent and community engagement, with child-centered teaching, and ongoing professional development for its staff.

For more information, call Keenan at (732) 635-1000.

On the web:
www.readsusa.org

Teaneck charter school set to open doors of new building

Project manager READS hails facility as asset to larger community

FOR IMMEDIATE RELEASE

TEANECK, N.J. (September 2, 2009) — For students at Teaneck Community Charter School, going back to school on Tuesday will involve going to a whole new building.

The school facility, located at 563 Chestnut St., previously had been a warehouse. Construction crews began work on outfitting it last fall under the supervision of Real Estate Advisory and Development Services Inc. READS, a not-for-profit real estate firm from Metuchen, had been contracted by the school because of its track record of developing school facilities for the charter school community.

The distinctive architectural features of the warehouse provided unique opportunities for the new school design. The high ceiling allowed the architect to outfit classrooms with impressive windows, 8 feet high and up to 20 feet long, not only granting students an expansive view of the outside, but also flooding the rooms with natural light.

Anchoring the school is a two-story atrium. Once through the doors, students immediately are connected visually with the school's library, its main corridors, and its multipurpose room. And, like the classrooms, the atrium and hallways are flooded with natural sunlight.

Now finished, the building has 35,000 square feet of space, with enough room for 288 students in kindergarten through eighth grade.

"Stories like this one are why we founded READS," said Brian Keenan, president and founder of READS. "With a building they can call their own, administrators at Teaneck Community Charter School can focus on the education their school provides, without needing to worry about whether they will have a facility from one year to the next.”


Owning the Chestnut Street facility has another advantage for school administrators: savings. Rent at at their previous facility had been costing the school about $1 million a year; its annual mortgage payments will amount to less than $800,000.

Since charter schools in New Jersey must pay all facilities costs from their operations budget, the school can put the difference directly into the education program.

The journey from conception to completion of the work has taken the school three years. With the help of READS, the school bought the warehouse for a total $10 million in tax-exempt bond financing.

The project encountered a hurdle when a routine study of the environmental condition of the property turned up groundwater and soil contamination from an underground fuel tank. The school was unable to begin renovations on the building until the contamination had been removed, a process that cost about $600,000.

“Teaneck Community Charter School is bringing a lot of good things to the neighborhood,” said Keenan. “In addition to the first-rate education it provides, the school has taken an empty warehouse and made a living, vibrant part of the community. We're proud to have been a part of that.”

READS is a nonprofit real estate development company committed to building strong organizations and communities. Since its inception in 2003 READS has helped dozens of charter schools to obtain and build facilities that meet their needs.

READS provides all phases of real estate development and technical assistance, including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the U.S. Department of Education as a promising practice in real estate development.

For more information, call Keenan at (732) 635-1000, or call the charter school at (973)621-0060.

On the web:
www.readsusa.org
www.tccs.org