28 Story, 457 Unit Building Receives 3-year Approval Extension in Newark, NJ

A recently approved project by RBH Newark OZ Paramount Project LLC went back to Newark’s Central Planning Board in hopes of receiving an extension on its 2024 approvals. During the original 2024 public hearing, the developer updated the tower's plans and requested a height increase to 310 feet for the building, which will also feature commercial and retail space across its first two floors. To offset rising costs from inflation, high interest rates, and supply chain bottlenecks, the Economic Development Authority (EDA) increased the project's tax credit award in November—a move aimed at ensuring the inclusion of affordable housing.

The 28-story project will deliver 457 apartments, ranging from studios up to three-bedroom layouts, with 20% of the units designated as affordable housing. Situated within the Four Corners Historic District, the building will feature low-scale facades designed to blend seamlessly with the surrounding historic streetscape. This is the same neighborhood where KS Group's 41-story Summit Tower project is currently taking shape.

While the development faced initial delays tied to Aspire Tax program funding, the Central Planning Board approved a three-year extension during its June 1st public hearing. According to attorney Marsha Moore, Aspire awards are slated to roll out this July. Demolition and preservation work on the iconic Paramount Theater facade are expected to kick off in August, with construction following in September. If timelines hold, the historic theater site could be fully revitalized by 2028.