PASSAIC, NJ-Pennrose Properties LLC of Philadelphia is looking to redevelop a pre-World War II rubber factory into a $60-million mixed-use complex.
The developer appeared before the Passaic Redevelopment Agency last night to discuss its plans. The agency later named Pennrose as the developer for the property by a vote of 5-0.
Timothy Henkel, senior vice president for Pennrose Properties, says the company plans to refit the building in three phases, with retail on the ground floor and 550 apartments above. He estimated the cost of the first phase at about $60 million. Of the 550 units, 376 would be rented at market rates, 80 units would be sold as condominiums and 94 would be designated affordable housing. See story in The Record.