The Newark Planning Board has approved an 11-building mixed-use complex located on the former Newark Bears & Eagles Riverfront Stadium campus. The 10.5-acre development site hugs the shore of the Passaic Riverfront and will be completed in nine distinct phases as CitiSquare Newark.
CitiSquare Newark is the latest project from Accurate Builders & Developers, which manages and invests in new multifamily properties throughout the east coast. When complete, the project will comprise 4,200 residential units, wellness and coworking amenities, up to 3,000 parking spaces, and 100,000 square feet of commercial space. The latter will include a mix of office suites, retail, dining destinations, and hotel property.
The residential collection will range from one- to three-bedroom rental apartments.
“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, president and 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. Mayor Ras Baraka and Deputy Mayor Allison Ladd deserve a huge amount of credit for getting this project off the ground and we look forward to working alongside them as we create one of New Jersey’s most dynamic new neighborhoods right here in Newark.”
Most recently, the Newark Planning Board unanimously approved proposals for phase one of the development. From Ian Bader Architects, the initial phase consists of two 18-story residential buildings that are connected by a single-story structure.
The residential component will comprise 598 apartments spread across both towers. The single-story volume will contain a new restaurant, retail space, and 15,000 square feet of residential amenities.
The project team expects to break ground Spring 2022.