After five decades in business, the Burger King on South Chapel Street closed last week.
The closure had been in the works for several months after Lang Development Group bought the property in November.
The Harting family, which owned the restaurant, was at the end of its franchise agreement and decided it was the right time to sell, according to Chris Locke, senior vice president and general counsel for Lang Development.
According to property records, Lang paid $4 million for 1.35-acre property at the corner of South Chapel Street and Delaware Avenue.
Lang is known for its mixed-use developments consisting of retail space and student-focused apartments, but Locke said the company is still in the “evaluative phase” of determining the future of the property.
He expects to have an idea of what direction to go by the end of the year. In the meantime, Lang will continue leasing parking spaces, as Burger King had done for a number of years.
The property is one of the last large, underdeveloped properties in downtown Newark and is located near a number of other student housing complexes.
“We’re always looking to acquire significant pieces of property in the city of Newark,” Locke said.