Last week, the city of Newark announced that a 7.5-acre, 2.3-million-square-foot mixed-use development is in the works at 450 Broad Street. That’s downtown, on the current site of the Bears & Eagles Riverfront Stadium. The project will include residential units, office space, retail, and cultural space, Jersey Digs reported. The number of units wasn’t disclosed, but the site could easily accommodate over 1,000 of them. Lotus Equity Group is the developer and Practice for Architecture Urbanism is designing the project’s master plan. The 6,200-seat baseball stadium will be demolished. The four-story parking garage just south of it isn’t part of the site.
450 Broad Street
New York-based Lotus Equity Group has acquired the Bears and Eagles Riverfront Stadium at 450 Broad Street, in Downtown Newark, for $23.5 million, NJ Advance Media reports. The 6,014-seat stadium (and presumably the four-story parking garage to the south), located two blocks from the New Jersey Transit’s Newark Broad Street station, is expected to be demolished to make way for a mixed-use tower. The development could accommodate between 1,000 and 1,500 residential units and will contain commercial spaces. The commercial uses haven’t been finalized yet, but plans include a possible hotel and retail space. A construction timeline has not been disclosed. The baseball stadium was construction only 17 years ago.