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Lotus Acquires Riverfront Stadium in Newark, NJ

NEWARK, NJ—Preliminary concept plans call for the development of approximately 2.3 million square feet of residential, office, retail and cultural space.

By Steve Lubetkin | stevelubetkin | Updated on November 16, 2016

Bears & Eagles Riverfront Stadium (By <a href="https://en.wikipedia.org/wiki/User:JaMikePA" class="extiw" title="en:User:JaMikePA">JaMikePA</a> (<a href="https://en.wikipedia.org/wiki/User_talk:JaMikePA" class="extiw" title="en:User talk:JaMikePA">talk</a>) (<a href="https://en.wikipedia.org/wiki/Special:ListFiles/JaMikePA" class="extiw" title="en:Special:ListFiles/JaMikePA">Uploads</a>) - <span class="int-own-work" lang="en">Own work</span>, Public Domain, <a href="https://commons.wikimedia.org/w/index.php?curid=44452389">Link</a>) and architect Vishaan Chakrabarti Bears & Eagles Riverfront Stadium (By JaMikePA ( talk ) ( Uploads ) – Own work , Public Domain, Link ) and architect Vishaan Chakrabarti

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.

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