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Englewood Cliffs-based Procida Funding is no stranger to Paterson. Over the past 10 years, the firm has overseen the development and redevelopment of more than $60 million worth of real estate projects in the city. Now, it says it is embarking on its first project in the Passaic County municipality as developer.

Procida Funding, partner Asset Realty and Mayor Andre Sayegh revealed design plans for a new $40 million mixed-use development to be located at 468 Totowa Ave. named Great Falls Lofts on April 20.

The redevelopment, which would bring with it 127 apartments, would restore a century-old industrial mill complex whose construction dates back to 1907, according to the equal venture partners, which recently formed 100 Mile Renard Totowa LLC.

Recently approved by the Paterson Planning Board, Great Falls Lofts would be located in an Opportunity Zone, an Urban Enterprise Zone, a NJ Growth & Redevelopment Zone and the City of Paterson’s First Ward Redevelopment Zone, according to an announcement.

“This is an incredibly exciting time for Paterson and its residents,” Sayegh said in a statement. “The restoration and repurposing of the former Miesch Manufacturing mill would help add to the neighborhood’s renaissance and points to the vibrant industrial history of our city.  468 Totowa — home to the proposed Great Falls Lofts — adds to the significance of Paterson’s industrial legacy and points to a brighter day of investment, opportunity, and positive transformation.”

The project joins other recent efforts to revitalize Paterson’s Great Falls Historic District. Last fall, construction began on a $26 million effort at the former Argus Mill that will bring 74 units of affordable housing to the site. Nearby, work is underway at the former Hinchliffe Stadium, which is being transformed into a mixed-use development in a $94 million project. And Great Falls Lofts would be directly adjacent — and provide direct access — to the new 8.4-acre Vista Park. The site is also within walking distance of Paterson Great Falls National Historic Park, where more than $47 million in additions are in the works, including a new visitors center and downtown youth center.

“Paterson has improved every year over the last decade, I just couldn’t help myself in being the developer one last time. The entire area is primed for a resurgence,” Procida Funding CEO Billy Procida said in a statement. “Giving back to Paterson is a win-win situation. The addition of the Great Falls Lofts would revitalize the community and maintain the rich history of the First Ward. This is what our 100 Mile Fund is all about.”

If you build it

According to the project partners, Procida Construction, ENV Architects, Titan Engineering, Stonefield Engineering, and Johnson and Urban have been engaged for contracting, architectural and engineering services for the proposed development.

Great Falls Lofts would bring 80 residential units to the property’s main, L-shaped mill building, which stands at 95,670 square feet bordered by Totowa Avenue and Kearney Street, while maintaining many of its historically significant elements — keeping in line with the goals of the Redevelopment and Master Plans for Paterson. Apartments in this main building would feature 14-foot ceilings and spacious floor plans.

A new building is set to rise at the rear of the mill building totaling 42,625 square feet. An additional 47 residences, largely one-bedroom rentals, would be housed there, in a design that fits in with the historic architecture of the existing mill building.

The plans call for renovations to two freestanding buildings on Jasper Street for retail use, as well, adding up to approximately 6,779 square feet. To improve walkability, a growing desire among multifamily residents, additional structures at the site would be demolished. Amenities to entice tenants include a fitness center, on-site storage, bicycle parking and dedicated amenity spaces for each floor. According to the announcement, all residential units at the property would feature state-of-the-art appliance packages and in-unit washers and dryers.

“Rehabbing a mill building from the early 1900s always has its challenges,” Procida Funding Partner Brian Foley noted. “It is very important for us to maintain a historic aesthetic while offering a quality living experience for the people of Paterson.”

Also important is involving local players in the process to ensure Great Lofts Falls’ impact is long-lasting and inclusive. To that end, Procida Funding said it is engaging local contractors, residents, nonprofits and community groups. Additionally, lifelong city resident Ashley Brito was recently added to the development team to help aid that effort.