Paramount plans fall opening for 37-unit Newark rental project

A developer is on track to deliver 37 new luxury apartments in Newark this fall, as part of its adaptive reuse of a historic commercial property in the downtown.

Paramount Assets announced Wednesday that construction had reached the midway point at what it calls William Flats, a project at 869 Broad St. The development is also slated to include 12,000 square feet of ground-floor retail space, for which the firm says it has strong activity.

“We set out to create a multifamily offering that complements its neighborhood and symbolizes the continuation of Newark’s revitalization,” said Paramount Assets’ Richard Dunn, senior vice president. “William Flats is a historically significant property that will be ideally suited to serve the lifestyle needs of anyone looking for outstanding mass transit access and a walkable neighborhood that offers shopping, culture and entertainment, recreation and nightlife opportunities.”

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Article from Real Estate NJ
By Joshua Burd

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