Paramount Assets has purchased a pair of planned adaptive reuse projects that the company says will breathe new life into two of Newark’s downtown commercial properties.
30-32 Clinton St. and 36-40 Clinton St., located within Newark’s “Billion Dollar Triangle” – an area anchored by Newark Penn Station, the Prudential Center and New Jersey Performing Arts Center – will be transformed into the neighborhood’s newest mixed-use developments.
“The premier location of these properties made them very attractive to us,” said Richard Dunn, senior vice president of Paramount Assets. “We saw this as an excellent opportunity to reposition two historically significant assets to the benefit of both the City and residents alike.”
Situated off the corner of Clinton and Mulberry Streets, Paramount Assets said both buildings will be fully modernized with beautiful new interior spaces, including upgrades to the entrance, new lobbies and new elevators. To ensure tenant safety and security, each building will have secure access, and state-of-the-art video surveillance and intercom systems.
The projects are slated for completion in the first quarter of 2020.