$300 million in total investments represented at Paterson’s Great Falls Neighborhood Summit

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The New Jersey Community Development Corporation is hosting a Neighborhood Summit on Saturday, May 21 at 9:30 a.m. to highlight approximately $300 million in ongoing and future developments in the Great Falls neighborhood of Paterson.

The 10 development and restoration projects to be showcased will transform a historic corridor that is home to both Great Falls National Historical Park and a host of vacant but up-and-coming properties. In addition to Procida Funding and Asset Realty’s future Great Falls Lofts, restoration projects of note include the $100 million redevelopment of Hinchliffe Stadium – one of the last remaining Negro Baseball League stadiums in the United States – as well as more than $100 million in public projects, including a new Alexander Hamilton Visitor Center, Youth Arts Center and Great Falls Community Center, in addition to the replacement of the Great Falls Footbridge and the restoration of Vista Park on a hilltop whose entrance adjoins the Great Falls Lofts.

“We saw the opportunity in Paterson over 10 years ago and have funded over $75 million in development projects during that time – but even we are amazed at the speed and scope of new investments, with so much focus on the area overlooking the falls,” says Billy Procida, CEO of Procida Funding and developer of the $40 million Great Falls Lofts project.

Representatives of developers and investors from the projects below will make short presentations to the community and answer questions and answers from residents. The projects, representing a total investment of $300 million in the region, are as follows:

  • Spruce Street Landscape Project
  • The Great Lawn Project
  • The new visitor center
  • Argus Factory Redevelopment
  • New Youth Arts Center
  • Great Falls Community Center
  • Great Falls Footbridge Replacement
  • Views Park
  • Great Falls Lofts

Attendees will have the chance to meet with developers to learn more about the future vision for the Great Falls neighborhood, an important aspect of which is to embrace the rich history of the community.

“When we learned of Paterson’s commitment to restoring the rich history of the Great Falls neighborhood, we jumped at the chance to get involved,” says Procida. “The whole region is gearing up for a major resurgence – all you have to do is add up the numbers, and that $300 million figure doesn’t lie. Paterson is a great example for cities in the region of the three states.

The Great Falls Neighborhood Summit will take place Saturday, May 21 at the Great Falls Youth Center, 52 Front Street, from 9:30 a.m. to noon. For more information on location details, please contact the NJ Community Development Corporation at 973-413-1630 or [email protected]

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