Prominent developer Charles Florio received approval to construct a 12-unit housing complex on 12th Avenue.
Florio’s latest project carries an estimated $2 million price tag, according to municipal records. His three-story building at 40-42 12th Avenue is expected for completion in the next 8 months, he said on Thursday.
The building’s first floor will have 3 one-bedroom and 1 two-bedroom units. Second and third floors will each have 2 one-bedroom and 2 two-bedroom apartments, according to plans submitted to the municipal government.
Florio plans to have security cameras tied to the Paterson police and front sidewalks well illuminated with lights to deter anti-social behavior in the vicinity. His project is in the crime-ridden 4th Ward.
The city required him to provide 15 parking spaces. However, his side argued before the Paterson Planning Board that there are other apartment buildings in the neighborhood that do not have parking for their tenants. A planner argued people in the Wrigley Park section, more so than other parts of the city, are inclined to walk to places and using the nearby public transportation systems.
Florio’s team successfully convinced the board to grant parking relief.
Willamae Brooks, a Paterson Planning Board member, wanted to know whether the apartments will include washer and dryer for tenants. She suggested a laundry area be created in the basement.
Florio’s representatives took on Brooks’s suggestion and agreed to provide washers and dryers for tenants in the basement. The basement will also provide lockable storage for tenants, the board was told.
The board approved his project without opposition. Councilman Luis Velez, who sits on the board as a representative of the city council, abstained from voting due to a conflict of interest. Velez rents a property that is managed by Florio’s firm.
Florio, owner of JCM Investors, reckoned the cost to build the structure will be $1.5-2 million. When asked why it is so expensive to build 12 units, Florio said a unit costs $120,000 to construct.
A South Paterson developer is building a 56-unit complex for an estimated $4 million. “When he fills out for his permits, he doesn’t want to be taxed on what he has said,” said Florio. He also pointed out there are different circumstances that a developer has to deal with in the 4th Ward. For example, a developer has to invest in security to prevent theft of building materials.
Florio said material cost has gone up due to president Donald Trump’s tariff battles with other nations. There’s also a shortage of labor. All of these things drive up construction costs, he said.
Florio said he hires and purchases his materials in Paterson. He said this project will contribute to boosting the local economy.
He has to demolish an existing structure on the site, according to Matthew Evans, Florio’s architect on the project.
The new building will also reduce the negative element on 12th Avenue, said Florio.