Paterson OKs controversial developer’s $50M luxury resi project

Charles Florio recently secured planning board approvals for a 10-story development in downtown Paterson, NorthJersey.com reported. The developer will invest $50 million to create 206 luxury units, 7,700 square feet of retail and 217 parking spaces on a late at 94-110 Hamilton Avenue, three blocks from the Paterson New Jersey Transit station. While the complex may not open until 2021, Florio told the Paterson Times that construction on it will begin in the next 90 days. Florio is a controversial figure locally, having played a role in a probe that resulted in the indictment of former Paterson Mayor Joey Torres, who served time in prison after pleading guilty to a corruption charge in 2017. Another politician from the Passaic County city, Councilman Michael Jackson, also made news recently when he was linked to a lawsuit involving a mortgage for a former property of his and a restaurant he owns called Jacksonville. According to the Paterson Times, Ellis Equities filed a lawsuit in May alleging that Jackson offered his restaurant as collateral for a loan on the councilman’s Grand Street property. The lender, Ellis Equities, alleges the loan came due on June 30, 2017, but no payments were ever made. Ellis Equities is a Long Island City-based affiliate of Alma Realty, which is seeking $40 million in tax incentives from New Jersey Economic Development Authority to build a 150-room hotel and $100 million arena in Paterson. Jackson reportedly supports that project, which has run up against a competing plan to restore Paterson’s 10,000-seat Hinchcliffe Stadium, one the city council rejected in early June. [NorthJersey.com] CORRECTION: A previous version of this post incorrectly identified the entity providing the tax breaks.