Newark may be known for its famed Ironbound neighborhood, but it will soon also be home to the largest mass timber office building in the U.S., according to developer Lotus Equity Group.
The building will be the anchor for Riverfront Square, the 11.8-acre complex that is planned for the site of the Newark Bears stadium downtown. Designed by Michael Green Architecture, the first commercial building in the project would include up to 500,000 square feet of Class A office space.
“To build the nation’s largest timber building in Newark speaks to the confidence and belief we have in the city and Riverfront Square as a world-class location that can compete with any great city around the world,” Ben Korman, Lotus Equity’s founder and CEO, said in a prepared statement. “The vision we share with Michael Green is to design 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.”
The Riverfront Square mixed-use project is slated to include up to 2,000 residential units, retail, open space, a hotel, 2 million square feet of offices and parking.
New York-based Lotus Equity said timber-built buildings offer several environmental advantages, including reducing carbon footprints and greenhouse-gas emissions.
“This project represents an opportunity for MGA, in collaboration with Lotus Equity Group, to lay the foundation for the future of Riverfront Square and the city of Newark more broadly,” Michael Green, founder and principal of Michael Green Architecture, said in a statement. “Good buildings are good neighbors, and we envision a sustainable, efficient and architecturally stunning future for Newark.”
Cushman & Wakefield’s John Picco, Peter Van Duyne, Sean Brady, Alex Lachmund and Christian Politan will be the project’s exclusive commercial brokerage team.
Other architects involved in the Riverfront Square project include TEN Arquitectos, Practice for Architecture and Urbanism and Minno & Wasko Architects and Planners. Korman’s C&K Properties is the longstanding owner of 2 Gateway Center.