A development group is set to break ground on 84 new apartments just north of downtown Newark, a project that will revitalize a busy corner just off Interstate 280.
Experts say Newark is enjoying not only a surge of new private-sector investment, but also a level of interest that is helping to break the stigma that has plagued it for decades.
Lotus Equity Group hopes to tap into the intrigue of a mass timber office building as it markets plans for Riverfront Square, a sweeping mixed-use project at the site of the former Newark Bears stadium. The developer and its marketing team, led by brokers with Cushman & Wakefield, are also banking on the rising interest in Newark as a destination for new office users, following recent high-profile deals and the city’s selection as a finalist for Amazon’s second headquarters.
Despite high overall vacancy and a recent slowdown in leasing, Newark is starved for modern Class A office space — creating an opportunity for developers that can capture that demand.
Lotus Equity Group has unveiled new details about its massive redevelopment plan for the former Newark Bears stadium — including what it says will be the largest mass timber office building in the United States.
A developer has closed on its acquisition of the former Newark Bears baseball stadium in the state’s largest city, paving the way for it to redevelop the site into a sprawling mixed-use neighborhood.