NEWARK, NJ - The City Council on Wednesday will consider legislation that would grant a 20-year tax abatement to the developer of the William Flats luxury apartments and retail space.
The four-story redeveloped building offers 37 rental units and nearly 12,000 feet of street-level retail space that so far includes a 7-Eleven, a Santander bank and the first New Jersey location of the Japanese food chain Go Go Curry. There is 4,500 square feet of retail space available.
Paramount Assets had previously secured a 15-year tax abatement from the city for mixed-use development. It is not known how much the abatement is worth on the $5.4 million redevelopment project.
The development has been praised by city officials, including Mayor Ras Baraka, as the type of residential diversity the city needs. It sits in an area of Broad Street surrounded by wig shops and a pawnbroker but also down the street from City Hall and across from the Prudential Center in the city's Central Business District.
The site of the project once housed the United Women's Garment Workers' union. Paramount Assets received approval from the city Preservation and Landmark’s Committee for the project. It kept some of the building’s original features, such as its facade.
Paramount officials said three units remain available for rent in the building, which range in cost from $1,800 for a studio to $2,100 for a two-bedroom.
The company announced its plans for the building on 1 William Street -- where it got its name -- in August 2018.
“We decided the historical structure of this building made it really a treasure for Newark,” Paramount’s Senior Vice President Richard Dunn said at a real estate broker open house at the time.
Paramount relocated its headquarters from Elizabeth to 45 Academy St. in Newark in June to accommodate its business growth and “establish the firm’s corporate presence in the same city as many of its current redevelopment projects,” according to a company statement.
Other Newark-based projects headed by Paramount include the Halston Flats on Raymond Boulevard, Ironbound Plaza, which is adjacent to Newark Penn Station an upcoming pair of mixed-use redevelopment projects on Clinton and Mulberry streets.