Plainfield city leaders joined and Paramount Assets executives on March 31 for a ceremonial ribbon-cutting at Netherwood Flats, a new 70-unit luxury apartment building near the city’s Netherwood train station, with 4,000 square feet of ground-floor retail space and structured parking. — Courtesy: Paramount Assets
By Joshua Burd
Paramount Assets has opened the doors to a collection of more than 70 luxury apartments in Plainfield, its latest project in the burgeoning Union County city.
The Newark-based developer recently welcomed local officials to unveil the property, known as Netherwood Flats, which has repurposed a former car dealership site at 829 South Ave. The milestone comes as the firm has already leased more than 50 percent of building, boasting a location that is a three-minute walk to NJ Transit rail service.
“Every ribbon-cutting represents a step forward for the city of Plainfield. It’s a symbol of the trust that investors have in us,” Mayor Adrian O. Mapp said. “Paramount Assets continues to demonstrate that they are solid partners in realizing a Plainfield that provides diverse housing and builds a thriving economy. I look forward to a continued, shared vision.”
Mapp was on hand alongside Council President Charles McRae and Director of Economic Development Zenobia Fields, joining Paramount executives for a ribbon-cutting at the four-story, 128,000-square-foot building. They noted that the property is also home to 4,000 square feet of ground-floor retail space and an 84-space parking deck, plus amenities such as a landscaped, elevated courtyard, a 1,500-square-foot fitness center and a residents’ lounge.
The complex, meantime, includes a mix of upscale one- and two-bedroom units ranging in size from 624 to 1,427 square feet.
“Netherwood Flats is a transformational project which signifies a substantial step in Plainfield’s recent revival,” said Richard Dunn, a senior vice president with Paramount. “Our goal is to have Netherwood Flats lead the revitalization of the city’s renaissance, creating a lively community for all of Plainfield. It is bringing in new residents to much-needed luxury housing, and the convenience of a transit-oriented development for accessing Newark and New York City.”
Construction for Netherwood Flats began in March 2021 as part of the city’s redevelopment efforts in its transit-served Netherwood section, according to a news release. It’s also Paramount’s newest and largest single investment in Plainfield, joining a series of residential and retail properties in its portfolio.
Paramount nears completion of 70-unit rental building in Plainfield
