S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
www.marej.com
Mayor Sayegh unveils proposed ‘Great Falls Lofts Procida Funding proposes conversion of Paterson, NJ historic mill into loft apartments
ATERSON, NJ — Mayor Andrew Sayegh joined Procida Fund- ing and partner Asset Realty in unveiling design plans for a proposed new $40 million 127 apartment mixed-use redevel- opment 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 HI-LIGHTS MAY 20 - JUNE 16, 2022 P A&G bankruptcy sale offers 21 properties in MD, DE & FL
Redevelopment Zone. “Paterson has improved every year over the last decade, I just couldn’t help myself in being the devel- oper 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 situa- tion. 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 build- ing 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 el - ements in order to promote the goals of the Redevelopment and Master Plans of Paterson. MAREJ
Great Falls Lofts
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
the developer. The Great Falls Lofts redevelopment project would restore a century-old in- dustrial mill complex that was built in several stages start-
ing in 1907. Procida and Asset Realty are equal partners in the venture under the recently formed 100 Mile Renard Totowa, LLC .
DEPG Associates & ARCTRUST celebrates Smithfield Gateway project with groundbreaking ceremony
SMITHFIELD TOWN- SHIP, PA — DEPG Associ- ates and ARCTRUST , co-de- velopers held a groundbreaking ceremony for the new St Luke’s University Health Network Building at SMITHFIELD GATEWAY development, lo- cated at Rtes. 209 and 447 on April 21, 2022. Executives of Legend Properties (DEPG) , along with key State, County and City officials, community leaders, neighbors and local businesses were in attendance for the event. The 40,000 s/f medical facility is the first of five buildings to be constructed in phase one of the develop- ment, which will take place over about 10 acres of the ap- proximately 120-acre site along busy Rte. 209. The total scope of the Smithfield Gateway project is 500,000 s/f situated on 120 acres. This mixed-use project consists of commercial/ retail, office and residential: 236 apartments and 200 addi- tional units for residents aged 55 and older. MAREJ
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SPOTLIGHTS CENTRAL NJ
Shown from left: Michael DePetris, Legend Properties; David DePetris, Legend Properties; Steven DePetris, Legend Properties; Michael Ambrosi, ARCTRUST; Chuck Leonard, Pocono Mountains Economic Development Corporation; James DePetris, DEPG; Jacob Pride, Smithfield Township; Donald Seiple, St Luke’s University Health Network; State Representative Rosemary Brown; Walter Rosiecki, People’s Security Bank.
CENTRAL PA 7-9B 12-13B
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www.marej.com CREW NJ..............................10B People on the Move ........... 16B
St Luke’s University Health Network Building
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