Procida Funding Proposes Great Falls Lofts – $40 Million Renovation of Century-Old Silk Mill

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Paterson Mayor Andre Sayegh and Financing Procida CEO Billy Procida met with officials and community members on Wednesday to unveil plans for the $40 million renovation of a century-old silk mill in Paterson.

Aptly named Great Falls Lofts, the proposed development, located at 468 Totowa Ave., right next to Hinchliffe Stadium and Great Falls National Historic Park, plans to turn the asset into a 127-unit mixed-use development.

The mayor and Procida, along with its partner Asset Realty, said the announcement was a new commitment to redevelop Paterson while maintaining its historic past.

Procida Funding has financed and overseen the development and redevelopment of over $60 million in real estate projects in Paterson over the past 10 years. This is the first where the company would be the developer.

“Paterson has gotten better every year over the past decade – I just couldn’t help but be the developer one last time. The whole area is primed for a resurgence,” Procida said. Giving back to Paterson is a win-win situation. Adding the Great Falls Lofts would revitalize the community and maintain the rich history of the first neighborhood. This is what our 100 Miles Fund is all about.

The Great Falls Lofts redevelopment project would restore a century-old industrial complex that was built in stages beginning in 1907.

Recently approved by the Paterson Planning Board, the Great Falls Lofts would offer 80 residential apartments in the main L-shaped factory building, which totals 95,670 square feet and is bordered by Totowa Ave and Kearney Street. The proposed renovation and conversion of the building would retain many of its historically significant elements to further the aims of Paterson’s redevelopment and master plans.

47 additional residential apartments would be constructed in a new building at the rear of the factory building totaling 42,625 square feet. The design of the new construction would be highly compatible with the historic architecture of the existing factory building. Apartments would largely focus on one-bedroom rentals.

“This is an incredibly exciting time for Paterson and its residents,” Sayegh said. “The restoration and repurposing of the former Miesch Manufacturing plant would help revitalize the neighborhood and serve as a reminder of our city’s vibrant industrial history. 468 Totowa – home to the proposed Great Falls Lofts – adds to the significance of Paterson’s industrial heritage and points to a brighter day of investment, opportunity and positive transformation.

The property is located in an Opportunity Zone, Urban Enterprise Zone, NJ Growth and Redevelopment Zone, and the City of Paterson’s First Ward Redevelopment Zone.

Procida and Asset Realty are equal partners in the business under the new company 100 Mile Renard Totowa LLC.

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