Plaza Grande at Haddonfield Road and Chapel Avenue in Cherry Hill — Courtesy: Procida Funding & Advisors
By Joshua Burd
Developer and investor Billy Procida has assembled a new team for a luxury residential community in Cherry Hill, as it prepares to bring another 283 units to the site.
Procida revealed last month that a firm he controls had acquired what’s known as Plaza Grande, a development at the intersection of Haddonfield Road and Chapel Avenue on part of the former Garden State Park racetrack property. On Wednesday, his firm announced that Coldwell Banker New Homes would be its leasing and sales agent, while adding The Kamson Corp. as property manager.
The age-restricted complex currently has 224 units occupied under earlier phases of the project, while Procida plans to complete the remaining 283 units.
“The demand for 55+ homes has never been stronger,” said Sheryl Ritschel, director of leasing at Coldwell Banker New Homes. “Move-down prospects see the benefits of maintenance-free living in a highly-amenitized community. Plaza Grande is a well-established property already with an amazing Cherry Hill location. The enhancements Procida is making, combined with the CB New Homes’ leasing expertise, make our partnership poised for success.”
Ritschel is responsible for large volume accounts from predevelopment through sales and lease-up across New Jersey, according to a news release. Ritschel also leads Coldwell Banker’s New Homes research team for market opportunity analysis and feasibility studies.
In announcing the moves, Procida noted that Plaza Grande began more than a decade ago under national homebuilder D.R. Horton but faced setbacks during the 2008 downturn, paving the way for a local builder to take over and complete 224 luxury units for residents 55 and older, with financing from Procida. Amenities include an 18,000-square-foot clubhouse with an indoor pool, gym, yoga studio, movie theater, elevators in all buildings and private parking, while the development also has outdoor features such as tennis and pickleball courts, walking trails, grilling and fire pits.
“The team at Procida has proven time and again that they identify incredible opportunities and can deliver a product that is above and beyond what exists in the marketplace,” said Jeff Kurtz, president of The Kamson Corp. “With Plaza Grande’s expansive amenities and living offerings we are incredibly excited to take over property management responsibilities at the complex.”
Procida’s project will add to what is already a massive property with a range of housing options, including condominiums and rentals, along with an array of retail stores such as Home Goods, Home Depot, Trader Joe’s, Wegmans and many others. It also marks the final phase of the billion-dollar redevelopment of the former racetrack, with a footprint of more than 200 acres, led by Jack Morris and Joe Marino operating as M&M Realty Partners.
“Adding Kamson and Coldwell Banker New Homes to the Procida Team at Plaza Grande adds to the fantastic dynamic of this amazing location,” said Billy Procida, founder and CEO of Procida Funding & Advisors. “Joining forces with both of their teams will not only provide best in class property management but also an extremely effective leasing and sales crew to achieve the completion of Plaza Grande.”
