Newark-based real estate investment firm Paramount Assets recently broke ground on Netherwood Flats, a new mixed-use development in Plainfield. Located at 829 South Ave., the four-story commercial asset will comprise 70 luxury apartment units, a 4,000-square-foot ground-floor retail component and underground parking. The transit-oriented development is just steps away from the Netherwood Transit train station, and will add a new dimension and flair to the City’s Netherwood/South Avenue transit corridor. The project is slated for delivery in the Spring of 2021.
Netherwood Flats’ highly anticipated groundbreaking ceremony was met with much fanfare and attended by more than 100 guests including Mayor Adrian O. Mapp, Plainfield City Council members and other city administration officials; Paramount Assets employees; and members of the general public.
Upon completion, the new mixed-use project will feature a host of on-site tenant amenities including an elevated outdoor courtyard with gardens and a sun balcony, a 1,500-square-foot fitness center and a resident lounge. The oversized one- and two-bedroom apartments will include the desirable home features sought after by today’s savvy renter including high end finishes, granite countertops, hardwood flooring and state-of-the-art appliances.
“Netherwood Flats symbolizes an exciting new chapter in this neighborhood’s ongoing redevelopment,” said Richard Dunn, Paramount’s senior vice-president. “Our goal for this ground-up project is to create a mixed-use destination that elevates the City’s appeal while honoring its unique character. We’re thrilled to work in conjunction with Mayor Mapp and his administration to bring this vision to life.”
Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 3.1 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.
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