PATERSON, NJ—Lakewood, NJ-based Greentree Development Group kicked off construction of a 156-unit luxury apartment complex in this economically challenged city last week. Paterson Mayor Jose "Joey" Torres Thursday called the Vistas at Great Falls development a significant step in the renewal of the Great Falls Historical District of Paterson.
"Major investments such as this one are important to Paterson's neighborhood revitalization plan," says Mayor Torres. "The construction of affordable and market-rate homes is ideal, not just because it's a significant part of our Great Falls Historical District, but because it spurs movement and a greater economic climate for the neighborhood and the city."
New homes, tot lots, basketball courts and other amenities will rise on a parcel that has stood vacant for eight years, says Greentree Development Group division president David Gunia. Gunia says his company is pleased to be part of Paterson's growth, adding that the company had searched for just the right place to get involved with the city's renovation.
"This is the kind of project Greentree specializes in," he says. "We've looked closely at this space and the plans for Paterson's future, and we believe this community will be one that will make Paterson proud."
The new community will add another dimension to the city's housing offerings, says Mayor Torres. He says the gated community and amenities were similar to what people could find in the suburbs.
"This parcel was sought after by many developers," said the mayor. "It was the right offer and the right commitment. Everybody wanted a piece of this rock."
Gunia says Greentree is confident about the Vista's success because the economy is different today than it was eight years ago, when a previous developer failed at the site. He cites the establishment of Great Falls National Park, the creation of the Great Falls Redevelopment Area, the convenience of the location and beautiful setting as reasons that people will look to live here. In addition to overlooking Paterson and the Passaic River, and being amid the surrounding historical district, the community will have the Manhattan skyline as a backdrop. Residents will be able to hear the quiet roar of the Great Falls.
"Greentree works closely with cities to help them realize their visions while providing beautiful places to live, work and play," says Gunia. "We're very excited to take such an important role in helping Paterson reimagine itself for the 21st Century."
Expected to open this summer, Vistas at Great Falls will offer 156 one-, two- and three-bedroom market-rate homes that will include luxury touches that will make them desirable. Those living here will have a clubhouse that will include "flex-space" and a fitness center.
The Great Falls Redevelopment Area includes revitalization of the Hinchcliffe Stadium, which is next to Vistas, a park, restaurants, outdoor amphitheater and walking paths by the river.
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