A Paterson silk mill that sits in the shadow of one of New Jersey’s newest national parks is slated to be transformed into a residential development that will add some retail space to a nearby block.
Procida Funding and Asset Realty held an unveiling yesterday showcasing design plans for their $40 million Great Falls Lofts development. Jersey Digs first reported on the project back in January, an endeavor that would transform a hulking industrial complex at 468 Totowa Avenue.
The brick building at the address, constructed in several stages starting in 1907, served as home to the Miesch Silk Manufacturing Company for decades. The approved plan from Procida and Asset Realty would convert the existing L-shaped structure into 80 apartments with an additional 47 residences slated for a new building to be constructed at the rear of the mill.
Drawn up by New York-based ENV Architects, the new construction’s component sports a design that aims to be “highly compatible” with the historic architecture. The apartments in Great Falls Lofts would largely focus on one-bedroom rentals.
Procida and Asset Realty are equal partners in the venture, with the former having financed over $60 million worth of real estate projects in Paterson over the last ten years.
“Paterson has improved every year over the last decade, and I just couldn’t help myself in being the developer one last time,” said Billy Procida, CEO of Procida Funding. “The entire area is primed for a resurgence and giving back to Paterson is a win-win situation.”
Several existing structures on the current mill site will be demolished as part of the work and the renovation includes a fitness center for residents, bicycle parking, and dedicated amenity space on each floor. The apartments themselves will feature 14-foot ceilings, quality finishes, state-of-the-art appliance packages, and in-unit washers and dryers.
The plan for Great Falls Lofts also hopes to revitalize the surrounding neighborhood by including the renovation of two freestanding buildings on Jasper Street for retail use totaling 6,779 square feet. The development site sits adjacent to Hinchliffe Stadium, a former Negro League ballpark currently undergoing a $94 million renovation that is on track to be completed by the end of the year.
The Paterson Great Falls National Historical Park is also within walking distance of the development, and several new additions including a proposed visitors center are planned for that complex.
“This is an incredibly exciting time for Paterson and its residents,” said Mayor Andre Sayegh of the development’s unveiling. “The restoration and repurposing of the former Miesch Manufacturing mill would help add to the neighborhood’s renaissance, adds to the significance of Paterson’s industrial legacy, and points to a brighter day of investment, opportunity, and positive transformation.”
A formal groundbreaking date for Great Falls Lofts has not been announced, but the development has already received full approval from Paterson’s planning board.