Plaza Grande at Haddonfield Road and Chapel Avenue in Cherry Hill — Courtesy: Procida Funding & Advisors
By Joshua Burd
Procida Funding & Advisors is touting its strongest leasing momentum yet at a new age-restricted, 507-unit residential property in Cherry Hill that it took over in 2023 after the site had faced multiple delays during two decades of development.
The firm, which is now weeks away from delivering the final units at the project, has been working alongside a Keller Williams team of Evangeline Gambardella, Jim Onesti and Jamie Quinn to lure tenants to what’s known as Plaza Grande at Garden State Park. That has contributed to a recent leasing velocity of about 15 units monthly, dwarfing the national average as the firms continue to market the 55-and-older community at Haddonfield Road and Chapel Avenue.
“Evangeline, Jim and Jamie have set a new gold standard in leasing through their dedication, deep market knowledge and client-first approach,” said Billy Procida, founder and CEO of Procida Funding and Advisors. “Their commitment to excellence is the driving force behind The Plaza Grande’s continued success.”
Part of the sweeping redevelopment of the former Garden State Park racetrack property, Plaza Grande began in 2004 as a project by Turnberry Homes that was continued by D.R. Horton until the financial crisis roughly five years later. That paved the way for a local builder to take over and complete an initial 256 units at the time, with financing from Procida, ahead of its plan to build out the remaining phase.
Procida announced in summer 2023 that the firm, through a foreclosure sale, had taken ownership of the property from a borrower that defaulted on a $130 million construction loan.
At that time, 300 units remained unfinished, according to a news release, but Procida has since spent more than $50 million to complete the remaining homes.
That has fulfilled a site whose amenities include a 18,500-square-foot clubhouse with an indoor pool, a fitness center, a movie theater and a golf simulator, among others, plus outdoor spaces such as a pool with gas grills and fire pits, bocce ball and tennis courts.
The full complex is part of what was already a massive property with a range of housing options, including condominiums and rentals, along with an array of retailers 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.
