Lotus equity group closes on acquisition of former Bears & Eagles Riverfront Stadium
NEWARK, NJ — Mayor Ras Baraka and real estate development company Lotus Equity Group announced that Lotus has closed on its acquisition of the former Bears & Eagles Riverfront Stadium in Newark. Lotus purchased the site from the City of Newark and Essex County and has selected the Practice for Architecture and Urbanism (PAU) – founded by noted planner and architect Vishaan Chakrabarti – to create a master plan that will transform the stadium and more than 7.5 acres of surrounding land into a vibrant mixed-use neighborhood. Preliminary concept plans call for the development of approximately 2.3 million s/f of residential, office, retail and cultural space. The site’s location along Broad and Orange Streets is highly accessible to commuters, residents, students and faculty. The new development will be less than 500 feet from the NJ Transit Broad Street station -- from which Midtown Manhattan can be reached in just 18 minutes -- and will be directly in front of the Newark Light Rail Atlantic Street station. The site is just seconds from I-280 and sits at the foot of University Heights.
The project is extremely well-positioned to serve as a catalyst of downtown Newark’s revitalization. “The Lotus development project will bring jobs, housing and new opportunities to Newarkers,” said Mayor Baraka. “Newark is in the midst of a major revitalization effort that is transforming our entire City. This project anchors our downtown development activities and brings new living and working options to current residents, students and those looking to make Newark their home. We have many development projects underway throughout Newark and are pleased to have Lotus and the Practice for Architecture and Urbanism work with us as we continue to rebuild our City.” The project reflects a long-standing commitment to Newark by Lotus Equity Group CEO Ben Korman that began 10 years ago with his investment in 2 Gateway Center. “We are extremely excited to continue our decade-long history of investing in Newark by delivering a dynamic and sustainable development to the City’s downtown that will create a pedestrian-friendly and vibrant atmosphere for existing and new residents to live, work, and play,” said Korman. “This truly is a premier site offering unparalleled connectivity in the heart of a culturally rich and diverse community, and we look forward to collaborating with the City to realize its transformation into a 24/7 neighborhood destination.” Added Korman: “Our selection of Vishaan Chakrabarti, and his team at PAU, to create the master plan for this project exemplifies our commitment to ensuring this project will be a world-class development of which Newark and its residents will be proud.” “We are thrilled to participate in the ongoing rejuvenation of Newark at this critically important site for the city and the region,” said Chakrabarti. “Offering extraordinary connectivity to both transit and broadband, this site and the mix of uses proposed for it, offer the potential to make Newark part of the region’s 21st century innovation economy, while harkening back to the roots of Newark’s rich history of density, culture, production and leisure.”