Accurate Builders & Developers gets green light on Newark Bears stadium site development

Planning board OKs all phases of project to construct 4,200 units and 100,000 sq. ft of commercial space on 10.75-acre site

The Newark planning board, at its December meeting, unanimously voted to give preliminary major site plan approval for phases one through nine of a redevelopment project by Accurate Builders & Developers that will reshape the Newark skyline and create a new transit-oriented neighborhood on the site of the former Newark Bears & Eagles Riverfront Stadium.

Accurate Builders & Developers is strategically developing CitiSquare Newark, with the goal of creating a distinct sense of place for future residents, retail tenants and visitors, while also fostering connections to adjoining neighborhoods and bringing new economic opportunity to the city.

The board unanimously approved plans for Phase One of the development, which consists of two 18-story residential buildings containing 299 units each. A single story of amenity and commercial space that will connect the two buildings is also part of Phase One, delivering nearly 22,000 square feet of restaurant and retail space and 15,000 square feet of amenities.

In addition to Phase One approval, the Planning Board unanimously voted to give preliminary major site plan approval to the entire project, phases one through nine.

The entire new development will ultimately include 11 buildings, 4,200 residential units, 100,000 square feet of commercial, office and hospitality space, and up to 3,000 parking spaces in a vibrant new neighborhood designed to be a center of culture and connection, just steps from the Newark Broad Street train station and the Riverfront Stadium light rail station.

Jack Klugmann. (Courtesy photo)

“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, CEO and president of Accurate Builders & 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.”

Formerly the home of the Newark Bears, an independent minor league baseball team, the 10.75-acre development site is located at the intersection of Broad Street and Division Street, a short walk from parks, restaurants, grocery markets and cultural attractions in downtown Newark.

Calvin Souder of Souder, Shabazz and Woolridge Law Group and Andrew J. Camelotto of Gibbons P.C. represented Accurate Builders & Developers during the approval process. The project’s architect is Ian Bader and its engineer is Eric Ballou of InSite Engineering LLC. Shaya Ackerman, senior managing director of Meridian Capital Group, arranged financing for the project.