New Jersey officials broke ground on a new, mixed-use development project known as Teachers Village on Thursday. The five block project to be constructed on Halsey Street will eventually include school buildings, a daycare center, retail space and housing for teachers.

Adam Zipkin, the city's deputy mayor for economic development, said the village could serve as a model, especially as cities across the nation seek to attract and retain new teachers.

"I think this idea of creating an area where you can have a critical mass of teachers living and working and having recreation opportunities, all within a close geographic area, could really be something that spreads to other cities when they see what we have happening here," he said.

Zipkin said the project's estimated cost is about $140 million, with the majority of funding coming from private financing, and additional money coming from state and city tax credits, incentives and grants.

The project's lead developer is RBH Group, which is working in collaboration with several other partners.

Officials said the site's first buildings are slated to begin opening next summer.