NEWARK, N.J. (AP) -- 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.

NJ.com 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.