The Art Factory at 70 Spruce St. in Paterson — Courtesy: IPRG
By Joshua Burd
The historic Art Factory complex in Paterson is on the market for sale, as investors and city officials seek a buyer to help achieve a long-awaited redevelopment plan for the site.
Brokers with IPRG have listed the property at 70 Spruce St. on behalf of Procida Funding & Advisors, which acquired the 21-building, 230,000-square-foot complex in a bankruptcy auction earlier this year. The team noted that the Art Factory occupies five acres in the Paterson Great Falls Redevelopment Area, highlighting one of the key benefits that has spurred redevelopment and adaptive reuse projects of neighboring properties in recent years.
Located 15 miles from New York City, the Art Factory is also within a federally designated Opportunity Zone and was previously used as a wedding and event space, IPRG said. The firm added that current ownership took possession of the property from a distressed borrower and now seeks qualified development partners to realize the distinctive asset’s full potential.
“The Art Factory is a landmark property with limitless potential,” said Yanni Marmarou, a managing director with IPRG, who leads the offering team alongside Homer De Leon and Jack Drillock. “Given the scale, location and flexibility of approved uses, this is a one-of-a-kind opportunity to transform a historic asset into a dynamic new chapter for Paterson.”
Gensler’s Morristown-based team recently hosted a design charrette at the site with local leaders from Paterson, the firm said, allowing participants to explore opportunities to transform it into a vibrant, accessible and community-focused destination that would reflect the neighborhood’s authenticity, character and evolving needs for current residents. That included sessions with local historians, developers, nonprofits, city officials, planners and stakeholders to better understand the site and its history and to brainstorm new possibilities for the development, with a focus on principles such as preservation, inclusion, placemaking, connection, public space and resilience.
The design firm, which hosted the event alongside Procida Funding, called it the first step in what will be a community-driven process to reimagine the property.
“What excites me most about the Art Factory project is its potential to serve as a bridge between Paterson’s rich history and its promising future,” said Billy Procida, CEO and president of Procida Funding & Advisors, according to a post by Gensler. “The thoughtful engagement and innovative ideas shared at the charrette underscore the potential to revitalize this landmark in a way that is authentic, inclusive and sustainable.”
Roger Smith, principal and design director at Gensler, added: “Collectively, our hope is that the future Art Factory will strengthen the community, enhance the character of the neighborhood, and become an exciting new destination in Paterson that reinvigorates the historic district.”
The design firm also noted that the property, originally built in the mid-1840s as the American Hemp Co., recently served as a prominent creative center that fostered a community of artists, musicians and creators with event spaces, performance venues, art studios and workshops. Stakeholders now remain focused on guiding future redevelopment through principles such as historic preservation, walkability and creating connections, Gensler said, citing the impact of features like ground-floor retail, wayfinding and new public gathering spaces.
IPRG, meantime, noted that Spruce Street has been the focus of several significant redevelopment and infrastructure projects aimed at revitalizing the area and enhancing local resources, part of a concerted effort to enhance the area while focusing on affordable housing, infrastructure improvements and community development to foster a more vibrant and sustainable neighborhood.
“With the right investment and vision, the Art Factory truly has the power to drive economic growth, create jobs and become a cornerstone of Paterson’s revitalization,” said Tiffany Harris-Delaney, head of economic development for the City of Paterson.
