PATERSON, NJ - One of Paterson’s most prolific property developers is set to introduce luxury rental housing to his portfolio with the construction of a 10-story, 206 unit apartment building at the corner of Fair Street and Paterson Street.
On Monday Charles Florio was joined by several city officials, including Mayor Andre Sayegh, to officially announce that construction on the project would begin by the end of the year. With a price tag “north of $40 million” the luxury building will boast an indoor swimming pool, doorman, street level retail space, and three floors of parking.
Saying that the project, located at a gateway to the heart of the city’s Fourth Ward, seems “too good to be true,” Sayegh offered reassurance that it is “both true and good.”
Asked where his confidence to take on such a project comes from Florio reflected that when he started buying and rebuilding homes in the area 10 years ago people thought he was “crazy.”
“I believe in Paterson,” he continued, saying the city, and its residents, deserve “good clean affordable housing.” Rents in the building will fluctuate between $1500 and $2000 depending on whether they are one or two bedroom units.
It’s about more than just putting up a new building, Florio said, it’s about “economic growth.”
Calling himself a “firm believer in creating jobs for Paterson,” Florio predicted that 200 temporary construction jobs will be created, jobs, he said, that will pay in the vicinity of $40 an hour, and, he hopes, will go to Paterson residents because “people are the priority.”
Also speaking City Council President Martiza Davila who said that Florio is “committed to not just building Paterson but building families,” a point she illustrated by also pointing out his wife, Marie, who is spearheading a back to school celebration and backpack drive on the site Sunday. Fifth Ward Councilman Luis Velez also spoke.
For Mike Powell, the city’s director of economic development, the project is an example of sensible urban planning. Pointing to the Passaic County Community College right across the street, as well as the Paterson train station that is just a short distance away, Powell said the new building will provide a real “live/work opportunity.”
It will also, he hopes, send a message to NJ Transit: We need more stops.
“This is more than bricks and sticks,” Sayegh said to conclude the press conference. “This is about employment and empowerment.”
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