PATERSON, NJ — Mayor Andrew Sayegh joined Procida Funding and partner Asset Realty in unveiling design plans for a proposed new $40 million 127 apartment mixed-use redevelopment project named Great Falls Lofts at 468 Totowa Ave. on April 20th.
Procida Funding has financed and overseen the development and redevelopment of over $60 million worth of real estate projects in Paterson over the last ten years. This is the first where the company would be the developer. The Great Falls Lofts redevelopment project would restore a century-old industrial mill complex that was built in several stages starting in 1907. Procida and Asset Realty are equal partners in the venture under the recently formed 100 Mile Renard Totowa, LLC.
The property is located in an Opportunity Zone, an Urban Enterprise Zone, an NJ Growth & Redevelopment Zone, and the City of Paterson’s First Ward Redevelopment Zone. “Paterson has improved every year over the last decade, I just couldn’t help myself in being the developer one last time. The entire area is primed for a resurgence,” said Billy Procida, CEO of Procida Funding. “Giving back to Paterson is a win-win situation. The addition of the Great Falls Lofts would revitalize the community and maintain the rich history of the First Ward. This is what our 100 Mile Fund is all about.”
Recently approved by the Paterson Planning Board, The Great Falls Lofts would offer 80 residential apartments in the main L-shaped mill building which totals 95,670 s/f and is bordered by Totowa Ave. and Kearney St. The proposed renovation and conversion of the building would maintain much of its historically significant elements in order to promote the goals of the Redevelopment and Master Plans of Paterson.
An additional 47 residential apartments would be constructed in a new building at the rear of the mill building totaling 42,625 s/f. The new construction’s design would be highly compatible with the historic architecture of the existing mill building. The apartments would largely focus on one-bedroom rentals. Procida Construction, ENV Architects, Titan Engineering, Stonefield Engineering, and Johnson and Urban have been engaged to provide contracting, architectural, and engineering services for the proposed development. The world-class development team has extensive experience in historic adaptive reuse projects of this nature. “Rehabbing a mill building from the early 1900s always has its challenges,” said Brian Foley, Partner at Procida Funding. “It is very important for us to maintain a historic aesthetic while offering a quality living experience for the people of Paterson.”