The Newark Planning board approved a transit-oriented development for the site of the former Newark Bears & Eagles Riverfront Stadium in the state’s most populous city.
On Jan. 3, Accurate Builders & Developers announced plans for phase one of its forthcoming CitiSquare Newark project were approved at a December meeting of the planning board. In addition, the developer said the board unanimously granted preliminary major site plan approval to the entire nine-phase project.
Phase one will bring three buildings to the site: a single-story structure devoted to amenity and commercial space – 15,000 square feet for the former and nearly 22,000 square feet for restaurant and retail space in the case of the latter – will connect two, 18-story residential buildings, each with 299 units.
“The City of Newark has an incredible vision for this property and we are thrilled to partner with them on this exciting project,” said Accurate Builders & Developers President and Chief Executive Officer Jack Klugmann in a statement. “CitiSquare will be a vibrant new lifestyle destination that combines community, culture, dining, green spaces, and a location near mass-transit.”
Upon completion, CitiSquare Newark is set to feature 11 buildings in all, with 4,200 residential units, 100,000 square feet of commercial, office and hospitality space and parking spots for up to 3,000 vehicles. Located near the Newark Broad Street train station and the Riverfront Stadium light rail, the former home of independent minor league baseball team the Newark Bears offers a 10.75-acre development site at the intersection of Broad Street and Division Street.
The project’s architect is Ian Bader and its engineer is Eric Ballou of InSite Engineering LLC.
An affiliate of Accurate Builders and Developers – May Newark LLC – purchased the former Bears Stadium in May. At that time, Mayor Ras Baraka described it as “the kind of transformative project that comes along only a few times in a generation.”
“The additional housing, space for entrepreneurs and small businesses plus retail gets us closer to our goal of a vital, exciting, walkable 24-hour downtown,” he said. “Additionally, the new construction training and apprenticeship component will open up well-paying union jobs for Newark residents and we will have made another giant step forward in our equitable growth strategy.”
In a statement, Klugmann credited both Baraka and Deputy Mayor Allison Ladd with helping to get the project off the ground. “[W]e look forward to working alongside them as we create one of New Jersey’s most dynamic new neighborhoods right here in Newark,” he said in an announcement about the planning board approval.
Accurate Builders & Developers was represented by Calvin Souder of Souder, Shabazz and Woolridge Law Group and Andrew Camelotto of Gibbons PC during the approval process.
Meridian Capital Group Senior Managing Director Shaya Ackerman arranged financing for the project.
Accurate Builders & Developers has celebrated a number of milestones recently, including the grand opening of Citizen Linden and the introduction of the last available phase at Raritan Station in Somerset County.