Paramount Assets announced Monday it has purchased two properties in Newark as part of an adaptive reuse project for the city’s downtown area.
The properties, located at 30-32 Clinton St. and 36-40 Clinton St., are within close proximity to Newark Penn Station, the Prudential Center and NJPAC. Paramount said it plans to turn the buildings, which are located in the city’s “Billion Dollar Triangle” district, into the neighborhood’s newest mixed-use developments.
“The premier location of these properties made them very attractive to us,” Richard Dunn, senior vice president of Paramount, said. “30-32 Clinton St. and 36-40 Clinton St. meet all the necessary criteria for creating today’s successful adaptive reuse projects. We saw this as an excellent opportunity to reposition two historically significant assets to the benefit of both the City and residents alike.”
Both buildings will be transformed into modern spaces with new interiors, including upgrades to the entrances, lobbies and elevators, Paramount said. Each building will also feature secure access, video surveillance and intercom systems.
The projects are slated for completion in the first quarter of 2020.
The 17,500-square-foot property at 30-32 Clinton is six stories and was acquired by Paramount in 2018. Once it’s redeveloped, it will boast a mix of studio and one-bedroom units on the upper floors. The first floor will have 1,800 square feet of commercial space.
“Along with creating spectacular new residential units, which are highly sought-after in this neighborhood, 30-32 Clinton St. will include a relaxing rooftop terrace with benches and greenery, a gym, a lounge and on-site tenant storage,” Dunn said. “Situated in a Downtown Redevelopment Zone in proximity to Gateway Center, this property also is ideally located and suitable for a variety of retail and commercial uses. We expect that component to garner tremendous interest.”
The 21,500-square-foot 36-40 Clinton was purchased by Paramount in 2017. It will be redeveloped to have 27 one-bedroom units and include a gym, lounge and tenant storage space. The United States Post Office currently occupies 2,500 square feet on the first floor and will remain in that space.