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Chris Wysocki
Caldwell, NJ
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Hey! I've moved to He's Pretty Fly For A Jersey Guy.
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Monday, 21 March 2016
Another Joe DiVincenzo success story: Newark Bears Stadium is sold, at an $11 million loss
It cost $34 million dollars to build. It was a white elephant before it ever opened. But at long last, Essex County is out of the baseball stadium business. And I suppose we should be grateful that County Executive For Life Joe DiVincenzo managed to only lose $11 million dollars on the deal.
Newark Bears and Eagles Riverfront Stadium has a new owner.
On Monday, city and Essex County officials announced that an agreement has been reached between the City of Newark, Essex County and the Essex County Improvement Authority to sell the Bears and Eagles Riverfront Stadium at 450 Broad Street to Lotus Equity Group for $23.5 million.
The sale includes the stadium and more than 7.5 acres of land, according to a news release.
Lotus plans to build a mixed-use high rise tower in its place, NJ.com reported.
Of course Joe D is patting himself on the back.
"We are very excited about the future development of the Broad Street site where the Bears and Eagles Stadium currently is located," said Essex County Executive Joseph DiVincenzo Jr. "This dynamic project will contribute immensely to the economic revitalization of Essex County and Newark, and serve as a catalyst and anchor in the northern section of the city's downtown."
Gee, that's almost exactly what he said when he built this boondoggle back in 1999.
What makes anyone here think he'll be less wrong today?
I predict that within 10 years a place where you might once have heard the
crack of a bat will be a place where you can score some crack. Because Newark
is where dreams, and tax dollars, go to die.
Posted at 14:35 by Chris Wysocki
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