Netherwood Flats began welcoming residents at the start of the new year, but following a recent ribbon-cutting, the transit-oriented collection of 70 residences from Paramount Assets is officially open in Plainfield.

The real estate firm joined with municipal leaders March 31 to celebrate the debut of the four-story, 128,000-square-foot mixed-use building, which includes 4,000 square feet of ground-floor retail space and an 84-spot parking deck.

“Every ribbon cutting represents a step forward for the City of Plainfield. It’s a symbol of the trust that investors have in us,” Plainfield Mayor Adrian Mapp, who was joined at the event by Council President Charles McRae and Director of Economic Development Zenobia Field, said when asked what this ribbon cutting meant to the city. “Paramount Assets continues to demonstrate that they are solid partners in realizing a Plainfield that provides diverse housing and builds a thriving economy. I look forward to a continued, shared vision.”

Located at 829 South Ave., the Netherwood Flats redevelopment is built on the location of a former car dealership. Construction began in March 2021 with the final phase completed two years later, last month. Currently, the property is 50% leased, according to Paramount Assets.

“Netherwood Flats is a transformational project which signifies a substantial step in Plainfield’s recent revival,” said Paramount Assets Senior Vice President Richard Dunn. “Our goal is to have Netherwood Flats lead the revitalization of the city’s renaissance, creating a lively community for all of Plainfield. It is bringing in new residents to much-needed luxury housing, and the convenience of a transit-oriented development for accessing Newark and New York City.”

The project is a three-minute walk from the Netherwood New Jersey Transit rail station, offering access to the Raritan Valley line, with service to Manhattan by way of Newark.

Netherwood Flats is Newark-based Paramount Asset’s largest, in addition to the newest, single investment in the City of Plainfield. Its other projects there include:

• A 54,000-square-foot, three-story retail building that is currently being adaptively reused and redeveloped into a mixed-use property with 35 residential units and 28,000 square feet of ground floor retail at 159-171 E. Front St., two blocks from the downtown train station.
• A 2.5-acre site in the city’s Transit-Oriented Development District, within the Cleveland Avenue Arts & Culture District (between East 4th and East 5th streets and Cleveland Avenue)
• Approximately 75,000 square feet of in-line retail along East Front Street’s Central Business/Downtown Shopping District (154-224 E. Front St. and Watchung Avenue), one block from the downtown train station.

Leasing specials are available at Netherwood Flats through May 31, 2023. Additional details are available here, on the property’s website.