New Jersey Mixed-Use Development Starts Construction
- Nov 20, 2019
Having surmounted a number of development hurdles, a new transit-oriented, mixed-use project from Paramount Assets is now under construction on a former industrial site in Plainfield, N.J.
The four-story Netherwood Flats at 829 South Ave., on the city’s Netherwood/South Avenue transit corridor, will feature 70 one- and two-bedroom units, 4,000 square feet of ground-floor retail and an underground parking garage.
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Netherwood Flats will put residents and retail customers within easy walking distance of the Netherwood Transit train station. Completion is slated for spring of 2021. Community amenities will include an elevated outdoor courtyard with sun balcony and gardens. Apartments will offer granite countertops, hardwood flooring and advanced appliances, among other high-end finishes.
“The project had been stalled due to flood hazards,” Richard Dunn, senior vice president of Paramount Assets, told Multi-Housing News. “So this project was put on hold for six months to a year. We were able to sit down and work out a solution to allow vehicular traffic off our site above a flood zone. We built a vehicular bridge to allow traffic to move out above the flood zone on South Avenue. The solution worked for all parties, and we were able to obtain a permit and proceed with the development.”
Among the factors that drew the development team to the site was its location just one-fifth of a mile from the Netherwood station, Dunn added. “The site was an old industrial site once used as a lumberyard and later for vehicle sales,” he said. “We were very pleased to be able to take that site and make it into a viable mixed-use development.”
Paramount Assets conducted a number of analyses of the site before proceeding. Market and revenue-generating analyses determined the project would be a viable development. “Luckily for us, everything worked out perfectly,” Dunn said.