Earlier this week, Lotus Equity Group announced plans to develop the largest timber office building in the United States. This will be a part of Riverfront Square, a redevelopment project in the city of Newark. As the first commercial building of the project, it will provide up to 500,000 sq. ft. of office space. Timber-built buildings have environmental advantages, such as releasing less greenhouse gas emissions than the manufacture of concrete and steel.
Riverfront Square will cover nearly 12 acres, is adjacent to the waterfront, and is in close proximity to the NJ Transit’s Newark Broad Street station. It is expected to have close to 2,000 residential units, retail, cultural and public space, a hotel, office space, and parking.
The developer, Lotus Equity Group, is committed to revitalizing downtown Newark and has been an essential player in Newark’s recent business development. The founder, Ben Korman, is also the operating partner of C&K properties, which owns Newark’s largest office building at 2 Gateway Center.
