NEWARK, NJ — Newark City Council approved a 25-year tax abatement for the redevelopment of the historic Baldwin and Eclipse buildings on Clinton Street, advancing what will become about 50 units of market-rate housing and retail space.
The project, announced last year, is being developed by Paramount Assets, which purchased the properties in early 2019. Located smack in the center of Newark’s downtown, officials and developers alike expect adaptive reuse development to uplift the city’s aesthetic.
The old Baldwin Building will include 20 luxury apartments and more than 1,400 square feet of retail space, while the Eclipse Building will become 27 rental units. Construction is expected to be completed this year.
Prior to its sale to Paramount Assets, the building housed various nonprofit organizations that served Newark over the years.
Council also authorized a private sale agreement between the city and Headway, LLC to build a 50-unit, multi-use housing complex and a six-unit permanent housing building in the South and West Wards.
Construction on the property, valued at $258,100, is on a two-year timeline from the time ownership is transferred to from the city.