Two new mixed-use redevelopment projects announced for Downtown Newark
Published January 16, 2019 | Manny Faces
Newark’s real estate development trend continues with the announcement of two new “adaptive reuse” projects, adding new retail and residential space to the city’s already resurgent “Billion Dollar Triangle” downtown area.
Paramount Assets will revive the properties at 30-32 Clinton Street and 36-40 Clinton Street, transforming both into sleek, modern housing and commercial buildings.
Richard Dunn, senior vice president of Paramount Assets, explained that by being situated in the middle of Newark’s revitalized downtown district made these buildings prime candidates for redevelopment, adding, “We saw this as an excellent opportunity to reposition two historically significant assets to the benefit of both the City and residents alike.”
30-32 Clinton Street will be updated to include a mix of studio and one-bedroom apartments, with 1,800 square feet of commercial space available on the ground floor.
36-40 Clinton Street, which will continue to house the U.S. Postal Service on the ground floor, will also be fully renovated and offer 27 one-bedroom apartments.
Both buildings will receive upgraded entrances, new lobbies, new elevators and full video security and intercom systems, and various tenant amenities including a gym, resident lounge and on-site tenant storage. The 30-32 Clinton Street location will also feature a rooftop terrace.
The work is expected to be completed within the first quarter of 2020.
Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. For more information, visit www.paramountassets.com