A partnership led by Procida Funding & Advisors LLC has secured approvals for an adaptive reuse project at 466-480 Totowa Ave. in Paterson, with plans calling for 127 loft-style apartments, 6,779 square feet of ground-floor retail space and 138 parking spaces. — Rendering courtesy: IPRG
By Joshua Burd
The site of a planned 127-unit loft-style multifamily project in Paterson is on the market for sale, providing what brokers say is a shovel-ready opportunity with major financial advantages.
According to IPRG, which has listed the property on behalf of Procida Funding & Advisors LLC, the tract at 466-480 Totowa Ave. is fully approved for a development that would include the adaptive reuse of a historic mill building into 80 apartments with soaring 14-foot ceilings. Plans also call for a newly constructed, 42,765-square-foot addition at the rear of the site, delivering another 47 homes alongside ground-floor retail space and 138 surface and structured parking spaces.
The offering is also notable in that it has several major financial benefits, IPRG said, including a federally designated qualified opportunity zone and access to tax credits for historic properties and to New Jersey’s array of development incentives. The so-called Great Falls Lofts development also has a fully approved 30-year payment in lieu of taxes agreement, dramatically reducing the tax burden during its most critical stabilization years while providing investors with strong returns and a compelling path to long-term value creation.
“This is an exceptional opportunity to acquire a fully entitled, city-approved development site with significant momentum behind it,” said Yanni Marmarou, a partner at IPRG, or Investment Property Realty Group. “We are honored to have been given the opportunity to work with Procida Funding again, a best-in-class capital provider with deep roots in Paterson. We are proud to be their exclusive representatives for this offering and confident that the combination of approvals, location and capital incentives will generate extraordinary investor interest.”
The listing team of Marmarou and Homer De Leon, an associate with IPRG, noted that Procida has deep roots in Paterson. Led by veteran financier Billy Procida, the firm has financed and overseen more than $60 million in development and redevelopment activity in the city over the past decade, making it well suited to manage the entitlements for Great Falls Lofts.
The developer teamed with Asset Realty, operating through 100 Mile Renard Totowa LLC, to purchase the property in June 2021 and subsequently received full planning board approval for the 127-unit mixed-use conversion, according to a news release. That advanced a proposal that would revitalize the Miesch Silk Manufacturing Company mill, a brick four-story, L-shaped building dating to 1907 on an 82,764-square-foot lot, benefiting from a team that also includes ENV Architects, Titan Engineering and Stonefield Engineering.
“The Great Falls district is not just a story about a single building — it is an entire neighborhood transformation being supported by hundreds of millions of dollars in coordinated public and private investment,” De Leon said. That includes Hinchliffe Stadium, which reopened in 2023 after a $94 million restoration, as well as the adjacent 75-unit Hinchliffe Residences and several other residential and park projects.
The approved unit mix comprises 12 studio, 98 one-bedroom and 17 two-bedroom homes meant to appeal to a broad range of renters including young professionals commuting to New York City and lifestyle-driven urbanites drawn to Paterson’s growing cultural scene, IPRG said. Residences in the existing mill will feature the dramatic, warehouse-loft aesthetic that defines the best adaptive reuse projects across the country, while planned resident amenities include a fitness center, bicycle parking and on-site storage.
The retail component along Jasper Street will total 6,779 square feet across two renovated freestanding buildings, anchoring a ground-floor activation and reinforcing the walkability that defines the First Ward Redevelopment Plan’s vision, the listing team said. The property, meantime, is just off Interstate 80, providing easy access to highways across the region, while it’s within walking distance of New York express bus lines.
“This transit accessibility is a defining driver of renter demand for the Great Falls submarket, which continues to attract cost-conscious New York area professionals seeking authentic urban living at a compelling price point relative to Hudson County and Manhattan,” IPRG wrote.
Procida eyes $40 million rehab of historic Paterson silk mill, with plans for 127 apartments
