Municipal officials have approved zoning changes, carving out a high density overlay district in the vicinity of Fair Street, paving the way for a 10-story luxury housing complex.
Council members approved the change on Tuesday to increase building height from 7 to 10-story in the overlay area, blocks 3706 and 3707, bordered by Hamilton Avenue, the railway, Paterson Street, and Broadway, following a public hearing.
“I really want to know what is this about? What are they going to build here? I have neighbors that want to know too. I’m worried about the traffic,” said Donald Lynch, a resident of the Triangle Village on Paterson Street.
Michael Jackson, 1st Ward councilman, explained the zoning changes allow for an “opportunity” to redevelop the area. The overlay district falls within the 1st Ward.
“We don’t know what project will be coming here,” added council president Maritza Davila.
Prominent developer Charles Florio purchased the Silk City Lofts and the lot at 105 Fair Street in June. He plans to undertake his most ambitious project yet in the Silk City by building a 10-story luxury housing complex on the lot.
The project will have 250 units of housing and high-end amenities like 27/7 valet service, indoor pool, roof pool, doormen, and onsite security.
The project will cost approximately $45 to $50 million, said the developer.
“We’re going to put people to work,” said Florio on Wednesday. He said he hires city residents and sources his materials from local suppliers.
Speaking of Fair Street and Hamilton Avenue, Florio said, “There’s no traffic there.” There is moderate traffic on Paterson Street which has seen an increase over the past years due to long-drawn-out and messy roadwork on Memorial Drive.
Jackson told Lynch projects in the area have to be approved by planning and zoning. Florio plans to seek approvals for both the 10-story complex and the Paterson Armory projects in early 2019. Neither project rely on government incentives like tax credits, said Florio.
Florio owns more apartments in the city than the Paterson Housing Authority. His buying spree in the crime-ridden 4th Ward has led to sort of a gold rush for properties in the city. He also owns properties in the 1st and 5th Wards.
“There’s a lot of investors coming into Paterson, doing what I’m doing,” said Florio. “These guys never came into Paterson.”