Construction has reached the mid-way point at Paramount Assets’ William Flats, a luxury multifamily rental property in Newark. Located at 869 Broad Street – between Teachers Village and Prudential Center in the heart of the city’s historic Four Corners neighborhood. The redevelopment centers on the adaptive reuse of the former United Women’s Garment Workers’ Union headquarters property.
Paramount Assets is transforming the building into 37 luxury apartments along with ground-floor retail. With an emphasis on bringing “green” elements into an urban setting, the design features a four-story open-air courtyard core with a vertical garden and landscaped deck. The retail component will offer neighborhood conveniences for residents and the community.
“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.”
Paramount Assets has preserved elements of the original building, including its architecturally distinctive façade, while incorporating modern conveniences into the property’s studio, one- and two-bedroom units. Residents will enjoy high ceilings, LED lighting, high-efficiency cooling and heating, washer/dryer outlets, and integrated video surveillance intercom. Amenities include a secured package room for Amazon and other deliveries, a recreation room and gym.
William Flats’ vertical garden, or “live wall” is a distinctive feature of this urban development. “This environmentally friendly mini-garden will grow along a two-story wall with the help of a trellis,” Dunn noted. “The entire courtyard, dotted with benches, will bring a bit of nature to William Flats residents – offering a peaceful getaway in the heart of a bustling urban downtown.”
William Flats is slated for delivery in October 2018, with leasing of the residential units set to commence in August. Already, Paramount Assets has secured the first commercial tenant for a portion of the property’s 12,000-square-foot retail component. The firm also has a signed a letter of intent with a national retailer and is in active discussions for the balance of the space.
Paramount Assets has a four-decade history of involvement in repurposing, reconstructing and renovating vacant downtown properties. The family-owned, regional, full-service real estate investment firm specializes in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 2.5 million square feet of commercial, multifamily and mixed-use holdings across 25 New Jersey municipalities – including a notably growing foothold in the City of Newark. The company maintains a holistic, vertically integrated approach to real estate development, with in-house acquisition, leasing, legal, accounting, property management and construction teams.
For further information about William Flats, visit www.williamflats.com. For commercial leasing inquiries, contact Ryan Starkman of Pierson Commercial at (732) 707-6900 x 5.
