Paramount completes adaptive reuse of Paterson site

Paramount Assets announced Friday the completion of the adaptive reuse of a historic Paterson property.

The new building at 162-166 Main St. consists of renovated retail and multifamily spaces.

Paramount Assets said it purchased the Silk City building in 2016 and worked closely with the Paterson Historic Preservation Commission for the redevelopment.

The four-story structure formerly housed street-level retail and the upper floors served as warehouse space. Totaling 16,000 square feet, the ground retail aspect has been completely renovated and is currently occupied by an M&T Bank branch and a jeweler. Paramount Assets said it also converted space to accommodate 12 luxury rental apartments, half of which are already pre-leased.

“Ultimately, we have taken a building with ‘good bones’ and positioned it to support the revitalization of downtown Paterson,” said Richard Dunn, senior vice president at Paramount Assets. “This city benefits from a forward-looking government committed to establishing a balanced mix of modern commercial, residential and recreational product to support a 24/7 CBD.”

The City of Paterson worked to obtain funds from the New Jersey Economic Opportunity Act to improve the area.