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BAW scores $94M to redevelop Paterson stadium

The stadium is one of the nation's few surviving Negro League ballparks

Hinchcliffe Stadium and a rendering of the restoration project (Getty, BAW Development)
Hinchcliffe Stadium and a rendering of the restoration project (Getty, BAW Development)

BAW Development secured $94 million to finance the Hinchcliffe Stadium Neighborhood Restoration Project in Paterson, New Jersey, according to Real Estate Weekly.

The project is centered on the 7,800-seat Hinchcliffe Stadium, one of the few remaining ballparks from the former Negro League and the site of its 1933 World Series.

BAW and its partner RPM Development Group will restore the stadium, build a 75-unit affordable senior housing building, a 12,000-square-foot restaurant and event space, and a 5,200-square-foot preschool.

The city owned the stadium until the 1960s, when the public school system took it over. It was renovated over the years and used for various purposes, including concerts and sports.

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The stadium fell into disrepair in the decades following the 1980s. It was converted into a parking lot and nearly demolished in the late 1990s.

The new funding includes a $60 million construction loan from Goldman Sachs and $10 million in tax credits, along with other financing.

BAW and RPM aim to complete the project by next fall.

[Real Estate Weekly] — Dennis Lynch

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