Can state help revive plan to turn old Paterson factory into housing?
By: Joe Malinconico
Paterson Press
PATERSON - city officials are hoping state tax credits will revive a delayed $100 million plan to build 167 new apartments along the Passaic River at the former Fabricolor factory site near the great falls.
.....
The city council voted Tuesday [09/17/2024] night to give its support to the developers' application for Aspire tax credits from the new Jersey Economic Development Authority.
..... Mayor Andre Sayegh and the original developers announced the project in 2020 with a "Paterson beach party: publicity \stunt amid COVID pandemic. At the time, officials said they expected that the new apartments would open in 2025.
..... Now, under updated projections, the developers are hoping to start construction during the second half of 2025, a time frame that depends on the builder's getting three types of tax credits from the state as well as a tax abatement from the city of Paterson.
.....
The development team has undergone a major change, with the addition of a New York City-based builder named Hudson. The New York company's website listed more than 20 housing project in New York's brought and surrounding towns, including multiple high-rise buildings on Roosevelt Island in the East River.
..... Hudson has teamed up with the original developer, Blue Onyx of Clifton, which brought the property for $4.2 million in 2019.
..... Hudson the site plan approved by the Paterson Planning Board last year, [2023] the development would include 3,550 square feet for retail stores and 7,300 square feet of "community performance space.
..... The plan for the construction of a new building that would contain 87 apartment and the "adaptive reuse" or conversion of one of the industrial buildings into 80 additional units.
.....
The project would include a combination of studio and one- two and three-bedroom apartments. The developers have not yet determined exactly how many of them will be priced for low-income families, according to plans attached to the council resolution.
..... Councilman Michael Jackson cast the only vote against the plan. he called it "another example of affordable housing ... that;s totally unaffordable.
..... Jackson accused his council colleagues of "laying down" for investors from outside Paterson who he said are taking advantage of the city.
..... Councilwoman Lilisa Mimms was the most outspoken council member in favor of the project. She repeatedly said it is important for Paterson to be getting housing for veterans.
..... Paterson Press on Wednesday [09/18/2024] asked Mimms about the fact that the council resolution and backup documents made no mention of the apartments being for veterans. Mimms responded that she was in error when she made those assertions.