The Bears & Eagles Riverfront Stadium in downtown Newark is going private. Lotus Equity group has agreed to purchase the stadium from the City of Newark and Essex County for $23.5 million. By transferring ownership to a private developer, the City of Newark will relieve taxpayers of the $4 million annual debt service obligation.
The downtown stadium, located at 450 Broad Street, sits on 7.5 acres of prime land that’s in close proximity to all transportation. Lotus Equity is putting together a team of urban planners, engineers and designers to conceptualize the site’s future.
Newark is excited to be relieved of the debt obligation and looks forward to the jobs and commerce the new project will create. The expectation is that the project will serve as a catalyst for redevelopment of the northern section of Newark’s downtown.
[gmap height=”250px”]450 Broad St, Newark, NJ 07102[/gmap]
450 Broad St, Newark, NJ 07102