NEWARK, N.J. — A New Jersey developer is planning a new community of business and housing on the current site of a defunct minor league baseball stadium in the state’s largest city.

Ben Korman, founder and CEO of Lotus Equity Group, purchased the Bears & Eagles Riverfront Stadium in November for over $23 million. The Newark stadium was the home of the now-defunct minor league Newark Bears. They folded in 2014, 15 years after the stadium was built at a cost of $34 million to taxpayers. reports ( reports Korman says he hopes to have work started on the new development by 2018.

Korman says the project will include 1,400 apartments.

It will also include a large open courtyard to include open air markets, galleries and film screenings.

This story has been corrected to remove a reference to a low and moderate-income housing requirement, since the law hasn’t been passed yet.