NEWARK, NJ - A developer who has renovated several properties in Newark announced new plans for an adaptive reuse project in the city’s Downtown.
Paramount Assets purchased two properties at 30-32 and 36-40 Clinton Street that will add to the city’s “Billion Dollar Triangle,” an area that is surrounded by Newark Penn Station, the Prudential Center and the New Jersey Performing Arts Center. Both buildings will be updated as mixed-use residential spaces with new interior spaces, including upgrades to the entrance, lobbies and elevators.
“The premier location of these properties made them very attractive to us,” said Richard Dunn, senior vice president of Paramount Assets. “30-32 Clinton Street and 36-40 Clinton Street meet all the necessary criteria for creating today’s successful adaptive reuse projects. We saw this as an excellent opportunity to reposition two historically significant assets to the benefit of both the City and residents alike.”
The United States Post Office will remain a first-floor tenant at 36-40 Clinton St. The building was constructed in the early 1900s and will be modernized to create 27 one-bedroom apartment units, a gym, lounge and tenant storage.
The six-story building at 30-32 Clinton St. was built in 1919. Paramount Assets plans to redevelop the property with studio and one-bedroom apartments on the upper floors, a rooftop terrace, and 1,800 square feet of ground-floor commercial space.
Both properties are located in the Downtown Redevelopment Zone near the Gateway Center, which has reportedly come under new ownership. The deal for the Gateway Center office buildings is expected to connect commuters and employees to retail space via the skyway.