The Downtown Newark-based RBH Group, which is responsible for nearby Teachers Village and the proposed Four Corners Millennium Project, is seeking to begin construction early next year on redeveloping this property. The project involves preserving the facade of the Paramount while building a new structure behind it.
According to a listing posted last month by Hudson Real Estate out of Manhattan, the residential portion of the project is expected to include 220 units. The firm is currently marketing a “big box retail/commercial opportunity” for the upcoming development, stating in a flyer that 23,900 square feet of retail space will be available on the ground floor while 25,828 square feet would be for lease on the second story. Floor plans for the project show that a residential lobby and parking would also be included in the new building.