Real Estate

Fifth Avenue Public Housing Complex to be Demolished in 2017

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Credits: Paterson Housing Authority
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PATERSON, N.J. - The Paterson Housing Authority is submitting a plan to begin demolition of the Riverside Terrace public housing complex by the end of 2017.

This property is the oldest in the Housing Authority of the City of Paterson’s (HACP) stock with 300 units. HACP has invested millions of capital fund dollars over the years to maintain a safe and decent environment for the residents. However, the property meets the Housing and Urban Development (HUD) classification of a severely distressed site; hence, revitalization of this property will be undertaken.

Executive housing director, Irma Gorham told the Paterson Press “many of the vacant apartments are in need of repair, It’s our (Paterson’s) oldest development and its condition has reached a point where spending money to fix it would be throwing good money after a bad problem, we don’t want to do that”.

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The 5th Avenue site has been the location of several shootings in recent years, the most recent shooting occurring this past April.

The complex has also known to be a haven for drug trafficking. Back in October, Paterson police seized more than 1,500 packets of heroin in a drug bust in the Riverside housing complex. 

Gorham told the Paterson Press the project would cost a minimum of $20 million, with the money coming from a combination of federal housing funds, tax credits and private investment. The target date for the new complex’s opening is the end of 2020.

 

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