A rendering of Netherwood Flats in Plainfield, NJ.

PLAINFIELD, NJ—Construction has commenced on Paramount Assets' latest mixed-use development, the four-story Netherwood Flats at 829 South Ave. apartment building here.

The Newark-based real estate investment firm recently staged a groundbreaking for the project that will upon completion of 70 luxury apartment units and 4,000 square feet of round floor retail. Netherwood Flats is located near the Netherwood Transit train station, and is slated for delivery in the spring of 2021.

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 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."

Netherwood Flats' groundbreaking ceremony was 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.

Paramount Assets' 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.

Instant Insights /

New Plainfield Mixed-Use Project Breaks Ground

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