Paterson Mayor Andre Sayegh and Procida Funding CEO Billy Procida gathered with officials and members of the community Wednesday to unveil plans for the $40 million renovation of a century-old silk mill in Paterson.
Aptly named Great Falls Lofts, the proposed development, located at 468 Totowa Ave., right next to Hinchliffe Stadium and the Great Falls National Historic Park, plans to transform the asset into a 127-unit, mixed-use development.
The mayor and Procida, together with partner Asset Realty said the announcement is a further commitment to redeveloping Paterson while retaining its historic past.
Procida Funding has financed and overseen the development and redevelopment of over $60 million worth of real estate projects in Paterson over the last 10 years. This is the first where the company would be the developer.
“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,” Procida said. “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.”
The Great Falls Lofts redevelopment project would restore a century-old industrial mill complex that was built in several stages starting in 1907.
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 square feet and is bordered by Totowa Ave and Kearney Street. 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 square feet. 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.
“This is an incredibly exciting time for Paterson and its residents,” Sayegh said. “The restoration and repurposing of the former Miesch Manufacturing mill would help add to the neighborhood’s renaissance and points to the vibrant industrial history of our city. 468 Totowa — home to the proposed Great Falls Lofts —adds to the significance of Paterson’s industrial legacy and points to a brighter day of investment, opportunity, and positive transformation.”
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.
Procida and Asset Realty are equal partners in the venture under the recently formed 100 Mile Renard Totowa LLC.