Paterson officials are once again talking about a renaissance. The key piece to this attempt at making Silk City more attractive to young adults and businesses is a proposed $34 million mixed-use building across from the Paterson train station.
When announcing the plans, mayor Andre Sayegh said the city is looking to attract millennials and become a hub for young professionals the way other area cities have done. There is Hoboken, of course, and Jersey City. Harrison has exploded with residential and retail construction built in the areas surrounding the PATH station—and part of the development was a new PATH station that was recently opened as well.
“Paterson, we believe, is the next frontier,” Sayegh said as he unveiled the plans for the “transit-oriented” project that will include 160 multi-family apartments— running from approximately 400 to 850 square feet each, as well as a food hall, co-working space, retail businesses, 15,000 square feet for a business incubator program for the fashion and garment industry. It has a targeted date for completion at the end of 2022.
Developer Anthony LoConte will handle the project at the Ward St. and Memorial Drive site where an old parking garage now sits.
The project will create more than 60 construction jobs and the retail space will create 15 full-time jobs when the project is completed, according to the Paterson Times. LoConte hopes to break ground in the next eight months and plans to be involved in more projects around the city, the story said.