Paramount Assets Reaches Halfway Point on NJ Luxury Mixed-Use

William Flats rendering

Paramount Assets has reached the halfway point in the construction of William Flats, a luxury rental community in Newark, N.J. The project is an adaptive reuse of the former United Women’s Garment Workers’ Union headquarters. The firm has preserved elements of the original building, such as its architecturally distinct facade, but will incorporate modern touches to the property.

“It’s evident that a renaissance is occurring in Downtown Newark. There are a variety of reasons for the positive development in this vibrant area, but the dedication and perseverance of the administration of Mayor Ras Baraka and the Newark Community Economic Development Corp. deserve a lot of the credit,” Richard Dunn, senior vice president of Paramount Assets, told Multi-Housing News. “The Mayor and the Newark CEDC have been, and continue to be, extremely proactive in promoting this city, and are active in guiding and assisting developers through the rigorous site selection, permitting and other processes. Their ongoing efforts not only entice developers to consider Newark, but they also make the city even more attractive for real estate investment.”   

Mixed-Use Features

Located at 869 Broad St. in the heart of the city’s Four Corners neighborhood, the community will comprise 37 apartments and 12,000 square feet of ground-floor retail. Floorplans will be offered in studio, one- and two-bedroom units. Interior features will include high ceilings, high-efficiency heating and cooling, a video surveillance intercom, LED lighting and washer/dryer hookups. Residents will have access to amenities including:

• four-story open-air courtyard
• two-story vertical garden
• secured package room
• recreation room
• landscaped deck
• fitness center

William Flats is scheduled for completion by October 2018, with leasing set to begin in August. Paramount Assets has secured its first tenant for the property’s retail portion.

Image courtesy of Paramount Assets