Procida takes over building final 300 units at Cherry Hill development
Location of former Garden State Park racetrack and final piece to $1B redevelopment
Developer Bill Procida is doing another turnaround, this one in Cherry Hill, New Jersey.
A firm controlled by Procida has acquired the remaining phase of Plaza Grande — located at the former Garden State Park racetrack — to complete the remaining 283 units of the 55+ community.
Plaza Grande originally began over a decade ago under national homebuilder D.R. Horton but faced setbacks during the 2008 Great Recession. Procida financed a local builder who took over the property and completed 224 of the 55+ units.
Procida acquired the property in July and is embarking to complete the remaining 283 units. When finished, the property will total over 500 luxury residences.
“I hate foreclosing, but my borrower got to the end of his rope, didn’t have the capital to complete it, went over budget … and we ended up having to take it through a UCC sale, but we did it in a cooperative way,” Procida said, adding that his investors like him because “I actually know how to lay brick and pour concrete.”
Procida says Plaza Grande is the 10th project, including the 1,500-unit Shorehaven, he’s taken over to complete.
Garden State Park features a sprawling complex with a diverse range of residential options, including condominiums and rentals, along with retail stores including Home Goods, Home Depot, Trader Joe’s, Wegman’s, TJ Maxx, and Cheesecake Factory.
Plaza Grande marks the final phase of the billion-dollar redevelopment of the former racetrack.
Prospective residents can anticipate the arrival of new one- and two-bedroom residences
starting in September, with rental rates starting at $2,300.
“My track record is stellar,” Procida said of turnarounds. “If you’re going to do workouts, the key is finishing construction. If you don’t have a CofO, you don’t have an asset. So in this instance, I’ve got 300 units that are partially built. Other private equity funds might have sold it as is. But they’d be underselling it.”
Procida was also responsible for the recent $60 million restoration of the Philadelphia Metropolitan Opera House (now Live Nation’s “The Met”) on North Broad Street as well as the $50 million renovation of the famous Divine Lorraine Hotel also on North Broad.