New Owner Of Newark Bears and Eagles Stadium Closes On Property

NEWARK, NJ — The new owner of the former Bears and Eagles Riverfront Stadium in Newark has officially closed on the property, Essex County officials announced last week.

Lotus purchased the site from the Essex County Improvement Authority, which owned and managed the stadium for the city of Newark and Essex County, for a price tag of $23.5 million. It’s currently used by the Rutgers-Newark Scarlet Raiders and the NJIT Highlanders, and was the home of the Newark Bears until the franchise folded in 2013.

• See related article: Newark Bears Stadium Sold For $23.5M To Developer

According to a news release, Lotus has selected the Practice for Architecture and Urbanism (PAU) - founded by 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 about 2.3 million square feet of residential, office, retail and cultural-space development, the news release stated.

“This parcel is one of the gateways into the city of Newark and the proposed development by Lotus will transform it into an anchor at the northern end of the city's downtown," Essex County Executive Joseph DiVincenzo Jr. stated.

Photo: Impact Consulting Enterprises

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