Plans to Redevelop Former Newark Bears Stadium Site to Come Before City Planning Board Monday

Each building is planned to consist of 299 units and will house a mix of studio, one-, two- and three-bedroom residential units. The first phase portion of the project also calls for the construction of 21,861-square-feet of commercial space and 15,182-square-feet of amenity space. 

The project will come before the board after multiple applications proposing to redevelop the site have fallen through over the years. In 2017, the board granted preliminary approval to the redeveloper, LEG 450 Broad Street, LLC, for a seven-phase redevelopment project. Plans to construct office and retail space encompassed most of the original project. 

In January 2019, the board then approved an application for amended preliminary site plan approval and final approval for first two phases of the development project, where the proposed build-out for the project was reduced.  

Since that 2019 approval, LEG completed the demolition of the Newark Bears Stadium site, and May entered into a purchase and sale agreement with LEG to head the project. According to a city resolution, the city determined that May “possessed the proper qualifications, financial resources, and capacity to implement and complete the project.”

“The project prior to this was predominantly office space, and given the office market today, we believe that the project before you is best given our current market conditions,” Deputy Mayor and Director of the Newark Department of Economic and Housing Development Allison Ladd said. “However, should market conditions change in the future, the developer and the city have the opportunity to come back to the council to consider office space should it become viable.

Ladd said during a City Council meeting earlier this year that the proposed project by May would also provide for affordable housing units. The initial project proposed by LEG was approved prior to an inclusionary zoning ordinance.

“What we are able to do with the developer, being sensitive to our needs here in Newark around affordable housing, is that they agreed to have 5% on-site affordable, which equals 200 units and a 15% payment in lieu [of taxes] - that means $15 million will come to the city,” she said. 

The project is also aimed to create more opportunities for workforce development with Newark residents. The developer is planned to have meetings with local unions and implement a 10% required prevailing wage for construction costs, Ladd said during a council meeting. The developer is also planned to invest $300,000 per each of the nine phases for workforce development and training for residents. 

“We know that our unions do great work in our city, and we need them to continue to help fight for good wages in our city,” she said. “At the same time, we know we want Newarkers to be part of the equitable and economic growth here in our city.” 

The city Planning Board meeting is scheduled for Monday, Dec. 13. The meeting will begin at 6 p.m. Click here to view the meeting agenda and additional documents.  

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published this page in News and Politics 2021-12-12 03:32:20 -0800