NEWARK, NJ — Construction has reached the mid-way point at Paramount Assets’ William Flats, a luxury multifamily rental property in Newark. Located at 869 Broad St.– 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.