Paterson approves apartment complex, to be the largest housing development downtown – NorthJersey.com

Joe Malinconico, Paterson Press Published 1:14 p.m. ET Feb. 20, 2020 | Updated 9:29 p.m. ET Feb. 20, 2020

Some NJ towns are looking to redevelop to revive business districts, meet affordable housing requirements and cater to changing consumer tastes. NorthJersey.com

Developer Charles Florio gained city approval Wednesday night to build 154 apartments in a six-story complex at the site of the former Greenbaum furniture store in the middle of Patersons downtown business district.

Florio said construction on the $45 million project on Washington Street which officials said would become the largest housing development in the downtown area will begin within six months.

It represents the second housing complex being done in the area by Florio, whose initial investments in Paterson focused on building and renovating several thousand apartments in impoverished and crime-plagued neighborhoods.

Florio is finishing work on a 30-unit project on Ellison Street, which is across from City Hall and a block away from the Greenbaum location.

I believe this project will help revitalize the downtown district by bringing in life, Florio said. Our vision for downtown is to transform the local economy and create a vibrant downtown.

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Florios Washington Street project would include retail space at street level, according to the application approved Wednesday by the Paterson Planning Board. Residents of the apartments including 51 studios, 86 one-bedrooms and 17 two-bedrooms would park at a garage owned by the Paterson Parking Authority on Broadway, under an agreement between Florio and the authority.

Mayor Andre Sayegh and Greater Paterson Chamber of Commerce Director Jamie Dykes were enthusiastic about Florios plans.

We are doubling down on developing our downtown district, Sayegh said. This project will bring vibrance and vitality back to our commercial core. Paterson is in growth mode.

Dykes said the citys downtown businesses were in dire need of the pedestrian traffic that new housing in the area would create. Dykes said many of the commercial buildings in the downtown have vacant second floors. He said converting that space into apartments would greatly benefit the businesses.

Dykes also noted the boost to the citys tax base that projects like the one being done by Florio would bring. Patersons tax base has increased by more than $500 million over the past two years, hitting $6.2 billion in 2020, according to the citys application for state transitional aid. But the tax base remains more than $2 billion behind where it was a decade ago, according to public records.

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Paterson approves apartment complex, to be the largest housing development downtown - NorthJersey.com