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market-rate and affordable housing.
“Over the last decade, living downtown has created an economic boom, an ecosystem in which businesses and residents thrive together,” Dunn said.
The developer anticipates market- rate rent, with one-bedrooms ranging from $1,600 to $2,000, comparable to the firm’s other downtown residential buildings. Those other projects have brought 100 new rental units online in recent years.
New Jersey’s largest city is indeed seeing a slew of new multifamily projects — most with affordable housing components — in the downtown and outlying wards. The growing array of new apartments downtown is luring both locals and transplants from more expensive areas, including nearby suburban towns, New York City, Jersey City and Hoboken.
In August, Newark Mayor Ras J. Baraka announced a set of affordable housing goals to guide the city’s development efforts over the next five years — including the allocation of American Recovery Plan Act funding.
Dunn, who noted that the city is asking for an affordable component at 20-24 Branford Place, said pent-up demand for housing continues to make historic buildings ripe for conversion in Newark.
“We believe in adaptive reuse of property, especially those with historic relevance,” Dunn said.
“The Four Corners is an historic
area that’s on the federal Register
of Historic Places,” Dunne added, referring to the neighborhood surrounding the intersection of
Broad and Market streets. “A lot
of developers tear down buildings and put up new ones. We believe it’s important to preserve the fabric of the community by preserving the grand structures of the early 20th century.”
Last year, Paramount delivered 47 new luxury rentals and commercial space at a pair of historic commercial buildings at 30 and 40 Clinton St. Known as Clinton Flats, the properties are a mix of studio and one-bedroom homes at the Mulberry Street intersection, with amenities such as a
fitness center and a rooftop terrace.
In 2018, the firm transformed another downtown building into 37 new apartments and street-level retail space. The mixed-use project, known as William Flats, was the former United Women’s Garment Workers’ Union headquarters at the corner of William and Broad streets.
Paramount now has 35 properties in Newark totaling 650,000 square feet, the firm said. Of that, 30 percent is residential space, with the balance a mix of office and retail. RE
Paramount Assets’ recent adaptive reuse projects in Newark include Clinton Flats, a collection of 47 new luxury apartments, commercial space and amenities inside two historic commercial buildings at 30 and 40 Clinton St.
PROPERTY THAT PERFORMS
Rockefeller Group is dedicated to excellence in the built environment. Over the past five years, our development team and capital partners have completed more than 5 million square feet of industrial and logistics property throughout New Jersey and Pennsylvania.
With more than 30 years of industrial development experience, our projects connect products with customers as efficiently as possible, delivering ease-of-access from major ports and inland distribution hubs to the nation’s largest population centers.
10 Edison I Edison, NJ Completion and sale: 2020
NJ/PA DEVELOPMENT
Mark Shearer | 973 448 3594 [email protected]
Courtesy: Paramount Assets