Argus Mill mixed-use project in Paterson gets financial support from EDA, NJHMFA

The Argus Ellison Development project, which aims to create 74 housing units at the historic Argus Mill site in the Great Falls Historic District of Paterson as well as provide program space for the Grandparents Relatives Care Resource Center, received significant financial support from the New Jersey Economic Development Authority and the New Jersey Housing and Mortgage Finance Agency recently.

Last week, the EDA board approved mixed-use parking Economic Redevelopment and Growth tax credits not to exceed $17 million to support the project. The award approximates 100% of actual eligible parking costs and 40% of the total actual eligible project costs related to residential housing uses.

On Tuesday, the NJHMFA approved $20.2 million in permanent financing through NJHMFA’s Conduit Bond Program.

The project aims to revitalize the historic Argus Mill, which was built in the late 1800s. It will create six two-bedroom apartments, and office and programming space for GRCRC. At the same time, the project will undertake new construction of a second, six-story building comprised of 68 one-, two- and three-bedroom apartments. Most of these apartments will be supported by housing vouchers from the Paterson Housing Authority.

The project also includes office and programming space for GRCRC, which will provide social services to tenants and other Paterson residents. GRCRC offers grandparents and other relative caregivers and the children they are raising a range of support services, resources, programs, benefits and information on laws and policies available to help them successfully fulfill their caregiving role.

Construction is expected to begin in July 2021. The anticipated completion of the project is September 2022.

Tim Sullivan, the CEO of the EDA, said the project will support the well-being of Paterson residents in several ways.

“The project offers attractive and affordable housing options and will provide a permanent, welcoming home for GRCRC staff and the families they support,” he said. “All of this will be achieved in a manner that will make the iconic Argus Mill an asset to the Great Falls community once again.”

Paterson Mayor Andre Sayegh said the project will improve the quality of life for many.

“We are extremely excited about the Argus development project and are profoundly grateful for the state’s assistance in achieving equitable housing and quality infill development,” he said. “Grandparents raising grandchildren is a growing portion of our city, so we are very supportive of filling this niche need, while also serving as beacon for other communities to serve their citizens in creative ways.”

The project is being developed by Argus Ellison Associates, which is a partnership between Lagos Partners and Winn Development, and Grandparents AE — which is affiliated with GRCRC and was created for the sole purpose of advancing this project.