A $39 million redevelopment project in Paterson secured one of the final legs of public funding on May 20.
Developers plan to overhaul the historic Argus Mill site in Paterson’s historic district and turn it into a 74-unit apartment building, along with parking, a family services nonprofit called Grandparents Relatives Care Resource Center, and offices for the management company, Winn Residential.
On Thursday, the New Jersey Housing and Mortgage Finance Agency approved $20 million in state financing for the project.
Argus Ellison Associates – the developer behind the project – is also getting a $1.9 million tax break from the city, known as a payment in lieu of taxes to the city, or a PILOT agreement.
The NJHMFA approval comes over a week after the New Jersey Economic Development Authority approved a $17 million tax break under the Economic Redevelopment and Growth financing program for real estate projects.
Sullivan
“The project offers attractive and affordable housing options and will provide a permanent, welcoming home for GRCRC staff and the families they support,” reads a statement from Tim Sullivan, who heads the NJEDA.
Development on the 1.3-acre site includes the rehabilitation of the 19th-century mill itself and the conversion of the historic Ryles and Thompson Houses for the nonprofit’s and property’s management offices. Construction is slated to begin in July and finish in September next year.
“We are thrilled to return to the Paterson community and to work with the administration in serving a very targeted population,” Argus Ellison Associates partner Owen Tonkins said in the May 20 announcement. “We also are very pleased to be able to serve a genuine community need.”
Last month, local officials and developers broke ground on the long-awaited $94 million overhaul of the decrepit Hinchliffe Stadium, a decades-old ballpark in the city. Construction is expected to finish in fall 2022. It includes a major renovation of the 7,800-seat stadium to host local cultural, education and sporting events. There will be a 315-space parking garage and a 75-unit senior apartment building.
