Real Estate
Newark Bears Stadium Sold For $23.5M To Developer
A developer plans to build a high-rise tower in place of Newark Bears and Eagles Riverfront Stadium, a report says.
Newark, NJ – Newark Bears and Eagles Riverfront Stadium has a new owner.
On Monday, city and Essex County officials announced that an agreement has been reached between the City of Newark, Essex County and the Essex County Improvement Authority to sell the Bears and Eagles Riverfront Stadium at 450 Broad Street to Lotus Equity Group for $23.5 million.
The sale includes the stadium and more than 7.5 acres of land, according to a news release.
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The stadium, owned by the City of Newark and Essex County, was managed by the Essex County Improvement Authority. 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.
Lotus plans to build a mixed-use high rise tower in its place, NJ.com reported.
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“The sale of the stadium and the land to a private developer allows the city and county to increase taxable space and relieve the taxpayers of the stadium's current $4 million annual debt-service obligation,” officials asserted via a joint statement.
"We are very pleased with the sale and the positive implications it has for Newark and this region of the state," said Newark Mayor Ras Baraka. "This is a transformative, urban-development project that will bring jobs, housing and new opportunities to current Newark residents, new Newarkers, commuters and students alike. Everyone wins. We expect the Lotus development project to serve as a catalyst for others as we work to grow our city.”
“We are very excited about the future development of the Broad Street site where the Bears and Eagles Stadium currently is located," said Essex County Executive Joseph DiVincenzo Jr. "This dynamic project will contribute immensely to the economic revitalization of Essex County and Newark, and serve as a catalyst and anchor in the northern section of the city’s downtown.”
Photo courtesy of Impact Consulting Enterprises
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