Newark, NJ Lotus Equity Group, New York-based real estate development and investment firm, has purchased the old Bears Stadium. The $23 million deal will ultimately redevelop the stadium site in to a mixed use (commercial and residential) space. Angus Reed, managing director of Lotus, the firm on this project has stated that the project as a whole will be committed to green and sustainable development techniques. Reed wants to expand sustainable development for the tri-state area. A sustainable development expert, Reed was involved in a number of sustainable projects in his native Australia before coming to New York.

• The Hydro Tasmania Consulting building the first Tasmanian office building to be awarded Australia’s 5-Star Green Star environmental rating from the Green Building Council of Australia.
• Wyndham Harbour, Victoria’s largest master planned marina community which included initiatives such as offsetting the project’s carbon output by engaging in biodiversity restoration

The Bears Stadium project has been cited by elected officials as contributing to Newark’s economic development, and the continued revitalization of the area. The Lotusteam is committed to ensuring that it is environmentally sound as well. The project’s next steps, including the announcement of the master planner, are coming soon.