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NEWARK, NJ—Lotus Equity Group closed its acquisition of the former Bears & Eagles Riverfront Stadium in Newark, NJ, ending one chapter in the city's efforts to revitalize the downtown through the promotion of sporting events, and opening a new front in the burgeoning gentrification of the downtown area.
Lotus purchased the site in March 2016 from the City of Newark and Essex County for a reported $23 million, and has selected the Practice for Architecture and Urbanism—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 square feet of residential, office, retail and cultural space.
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