The Peoples Bank Tower, located at 663 Main Avenue, at the corner of Broadway in the City of Passaic’s downtown, is in the process of being redeveloped. According to a listing from Pierson Commercial Real Estate, the mixed-use project involving the “tallest and most iconic building in Passaic” is expected to be completed by late 2017.
When completed, the project is slated to include a location of Blink Fitness, the rapidly expanding regional chain of gyms owned by Equinox Fitness. Dozens of locations have opened recently across the New York Metropolitan Area, including a Passaic County club in nearby Clifton. The South Passaic Daily Voice reports that the 12,000 square foot building will take up two floors, and up to 8,000 square feet of retail space are still available on the first floor, according to the listing. In addition, the tower will contain 100,000 square feet of office space, half of which will be used by the Passaic Board of Education.
According to Emporis, the 11-story 172-foot building dates to 1931 and was originally home to the Peoples Bank and Trust Company. The historic structure includes a clock and engraved art overlooking Main Avenue.
A report published by the New Jersey Department of Community Affairs states that the building was designated an ‘area in need of redevelopment’ by the City of Passaic. Redevelopment has long been planned for this community anchor, but only recently has progress been made. The project redeveloper is Downtown Newark’s Hanini Group, and NJ Parcels records show that Trinity Partners, LLC of Fairfield, Essex County is registered as the property owner. Trinity Partners acquired the building for $1.5 million from the Passaic Redevelopment Agency in 2011, and originally planned for the property to be used for medical arts purposes, according to NorthJersey.com. Minutes from the Passaic Redevelopment Agency show that as of 2015, Hanini was contemplating the idea of a rooftop restaurant at the tower.
Passaic’s bustling central business district features dozens of shops and restaurants, and is served by NJ Transit buses to New York, Newark, and Paterson. The Passaic Train Station is also within walking distance.
