New Jersey developer Billy Procida, founder and CEO of Procida Funding and Advisors, has acquired the remaining phase at Garden State Park in Cherry Hill, called Plaza Grande.
Procida has over 40 years of experience in the real estate business. He has won dozens of national and local awards and was also responsible for the recent $60 million award-winning restoration of the Philadelphia Metropolitan Opera House (now Live Nation’s “The Met”) on North Broad Street.
Now, Procida has acquired Plaza Grande, which originally commenced development over a decade ago under national homebuilder D.R. Horton but faced setbacks during the 2008 Great Recession. Procida is no stranger to the property. He financed a local builder who took over the property and completed 224 55-and-over units there. Just last month, Procida acquired the property and is now embarking to complete the remaining 283 units. When complete, the property will total over 500 luxury residences.
Located on what was previously the Garden State Park racetrack, the community is situated at the intersection of Haddonfield Road and Chapel Avenue. Garden State Park features a sprawling complex with a diverse range of housing options, including condominiums and rentals, along with an array of retail stores, such as Home Goods, Home Depot, Trader Joe’s, Wegman’s, TJ Maxx, Cheesecake Factory and more. Plaza Grande marks the final phase of the billion-dollar redevelopment of the former racetrack.
“It’s an amazing location with the best clubhouse anywhere, with indoor and outdoor saltwater pools, club rooms, gym, yoga studio, movie theater and a soon-to-be-included golf simulator room, and you can walk to everything you need,” Procida stated.
Prospective residents can anticipate the arrival of new one- and two-bedroom residences starting in September, with rental rates starting at $2,300.