Investment

$300 Million in Total Investment Represented at Paterson’s Great Falls Neighborhood Summit

The New Jersey Community Development Corporation is hosting a neighborhood summit on Saturday, May 21st at 9:30am to highlight the roughly $300 million in ongoing and future developments in the Great Falls neighborhood of Paterson.

The 10 developments and restoration projects to be presented will transform a historic corridor that is home to both the Great Falls National Historic Park and a host of vacant, yet promising properties. Along with Procida Funding and Asset Realty’s future Great Falls Lofts, restoration projects of note include the $100 million redevelopment of Hinchliffe Stadium – one of the last Negro Baseball League stadiums in the United States – as well as over $100 million of public projects including a new Alexander Hamilton Visitor Center, Youth Arts Center, and Great Falls Community Center in addition to the replacement of the Great Falls Footbridge and the restoration of hilltop Vista Park whose entrance abuts the Great Falls Lofts.

“We saw the opportunity in Paterson more than 10 years ago and have financed over $75 million in development projects over that time – but even we are stunned by the velocity and scope of new investment, with so much focused on the area overlooking the falls,” says Billy Procida, CEO of Procida Funding and developer of the $40 million Great Falls Lofts project.

Representatives from developers and investors from the below projects will make short presentations to the community and engage in questions and answers from residents. The projects, representing a total of $300 million investment into the area, are below:

  • Spruce Street Streetscape Project
  • The Great Lawn Project
  • The New Visitors Center
  • Argus Mill Redevelopment
  • New Youth Arts Center
  • Great Falls Community Center
  • Replacement of Great Falls Footbridge
  • Vistas Park
  • Great Falls Lofts

Attendees will have the chance to meet with developers to learn more about the future vision of the Great Falls neighborhood, a large aspect of which includes embracing the storied history of the community.

“When we learned of Paterson’s commitment to restoring the rich history of the Great Falls neighborhood, we jumped at the opportunity to be involved,” says Procida. “The entire area is gearing up for a major resurgence – all you need to do is add up the numbers, and that $300 million number doesn’t lie. Paterson is setting a prime example for cities in the tristate area.”

The Great Falls Neighborhood Summit will be held on Saturday, May 21 st at the Great Falls Youth Center, 52 Front Street, from 9:30am-12 noon. For more information on location details please contact the NJ Community Development Corporation at 973-413-1630 or nhc@njcdc.org.

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