Nothing is standing in the way of Accurate Builders and Developers’ proposed 11-building complex at a former stadium site in Newark.
The Newark Planning Board last month approved the complex for the Passaic waterfront site where the defunct Newark Bears baseball team played, ROI reported. The 10.5-acre project, dubbed CitiSquare Newark, will be constructed in nine phases.
The first phase of the project received unanimous approval from the planning board. According to YIMBY, it will be designed by Ian Bader Architects as two 18-story buildings connected by a one-story structure.
The project’s first phase will include a restaurant, retail space and 15,000 square feet of amenities for residents of the 598 units. It’s not clear when ground will be broken on the first phase of construction.
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“The city of Newark has an incredible vision for this property and we are thrilled to partner with them on this exciting project,” said Jack Klugmann, CEO of Accurate Builders and Developers. “CitiSquare will be a vibrant new lifestyle destination that combines community, culture, dining, green spaces, and a location near mass-transit.”
CitiSquare Newark will ultimately include 4,200 units, 3,000 parking spaces, wellness and co-working amenities and 100,000 square feet of commercial space, divided into office suites, retail, dining and a hotel.
In May, the developer landed a $395 million loan from Madison Realty Capital for the project. At that point, Klugmann revealed that groundbreaking was about a year away. The loan was to be used in part to acquire properties at the site.
An office project was originally anticipated, but before Accurate Builders and Developers secured its loan, city officials reached a deal to pivot the development to residential.
The $34 million Bears & Eagles Riverfront Stadium at 450 Broad Street was built in 1999. But fans didn’t flock to the venue and the Bears disbanded in 2013. The owners put all of the team’s assets on the chopping block and vacated the stadium the following year.
[ROI] — Holden Walter-Warner