The site of the old Newark Bears Stadium will be anchored by an 11-story tall timber tower -- the beginnings of a new vision for sustainable construction and modern architecture in the city.
Plans for the 500,000 square-foot building were revealed Monday by Manhattan-based Lotus Equity Group, which is redeveloping the 11.8 acre site now known as Riverfront Square.
"Good buildings are good neighbors and we envision a sustainable, efficient and architecturally-stunning future for Newark," said Michael Green, founder of Michael Green Architecture, which designed the building.
The wood skyscraper is part of the estimated $1.7 billion mixed commercial and residential space planned for the old stadium and surrounding land. An additional 2 million square feet of offices, 2,000 residential units and public open space are planned for the area, which is being pitched as 24/7 downtown destination in the heart of the Broad Street corridor.
The city's Central Planning Board conditionally approved the project on Dec. 21.
Empty Bears stadium, in a 2014 photo. (Aristide Economopoulos/The Star-Ledger)
The Newark Bears and Eagles Riverfront Stadium has been largely unused since the Bears minor league baseball team folded in 2014. The stadium was built in 1998 for about $34 million using public financing.
Lotus purchased the property from Essex County for $23.5 million in 2016. The property is adjacent to NJ Transit's Broad Street station.
"Newark is a growing business community, already home to noteworthy companies like Audible, Panasonic and Prudential, and Riverfront Square represents an opportunity for companies growing in or moving to the New York metro area to enter a highly desirable live, work, play development unlike any other," said John Picco, executive director of Cushman & Wakefield, the commercial brokerage firm working with the developer.
Once an anchor tenant is found for the building, construction will take about 20 months. The wood-structure skyscraper could be among the largest such office buildings in the nation, Lotus Equity Group said. Though the base of the building will still be cement, the use of mass timber panels in the structure will provide better light and acoustics inside the building and produce a smaller carbon footprint, the company said.
Timber towers are growing in popularity as companies seek more environmentally-friendly ways to build, and engineering advances have allowed for taller wood-based structures.
Lotus Equity Group CEO Ben Korman said they're looking to build the "most environmentally sustainable office tower that enhances the health of tenants and the surrounding communities through efficient planning and green design."
"When you merge these benefits with Newark's emerging technology sector, Riverfront Square is primed to help companies attract and retain valuable talent," he added.
Karen Yi may be reached at kyi@njadvancemedia.com. Follow her on Twitter at @karen_yi or on Facebook.