Ballpark closure latest whiff for Newark urban renewal

Stadium failed to attract other developers to the area

New York /
Apr.April 11, 2014 12:10 PM

The owners of the Newark Bears are putting the New Jersey baseball team’s assets on the chopping block  and vacating the stadium after a dismal attempt to attract fans to the Gateway City.

The $34 million Bears & Eagles Riverfront Stadium at 450 Broad Street was built in 1999 with taxpayer dollars to bring business to Newark, but the fans aren’t pouring in as expected, the Wall Street Journal reported. Last year, the stadium averaged 500 attendees a night — substantially less than the 2,000 fans needed to break even, according to the article.

Moreover, sponsors have shown little interest in supporting the team. So the Bears have dropped out of the Can-Am League and the owners are auctioning everything off, right down to the beer taps.

“It was just not possible to keep going,” co-owner Danielle Dronet told the Journal. “Newark just isn’t the kind of community where you can enjoy a game and walk around and have a drink or dinner after. We couldn’t make it work.”

Local politicians had hoped the stadium would spark an urban renewal in Newark, fueling new construction in the area. That real estate revival has yet to materialize.

There is interest in the stadium, according to Lauren Hall, the director of marketing for the Greater Newark Convention & Visitors Bureau — but she wasn’t specific about the prospects to the Journal. [WSJ]Angela Hunt


Related Articles

arrow_forward_ios
Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
Film studio to replace vacant public housing in Newark
Film studio to replace vacant public housing in Newark
Jonathan Cortell of L+M Development Partners in front of 250 Georgia King Village in Newark (L+M Development Partners, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Developers land financing for Newark affordable housing
Developers land financing for Newark affordable housing
Thor Equities's chairman Joseph Sitt (Thor Equities, Loopnet)
Thor Equities nabs 131K sf Newark warehouse
Thor Equities nabs 131K sf Newark warehouse
Jake Glatzer, president, acquisition, Acier Holdings and rendering of The Halo Newark (Acier Holdings, INOA ARCHITECTURE)
Acier scores $90M loan for high-rise Newark project
Acier scores $90M loan for high-rise Newark project
Accurate Builders & Developers CEO Jack Klugmann and a rendering of CitiSquare Newark
Newark takes big swing with 11-building complex
Newark takes big swing with 11-building complex
Cabot CEO Franz Colloredo-Mansfeld and RBH Group CEO Ron Beit (RBH, Cabot)
Indoor farm in Newark trades hands for $21M
Indoor farm in Newark trades hands for $21M
707 Broad Street and 153 Halsey Street with Managing Partner of Hanini Group Samer Hanini, SHIFT Capital’s CEO Brian Murray, and principal investor at CoInvestment Partners Piyush Bhardwaj. (Google Maps, LinkedIn)
Development trio wagers $150M on Newark’s struggling office market
Development trio wagers $150M on Newark’s struggling office market
Fairstead makes $85M senior housing play in Newark
Fairstead makes $85M senior housing play in Newark
Fairstead makes $85M senior housing play in Newark
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...