Passaic Avenue

The Project

The Passaic Avenue project is the redevelopment of several building along Passaic Avenue in Kearny, NJ. This part of Passaic Avenue is located within the Passaic Avenue Redevelopment Plan, designated by city officials as a redevelopment district with the purpose of transforming the older industrial sites there into a viable retail corridor. The Passaic Avenue project includes the demolition of the industrial mill buildings currently located on the 10 acres site, and the construction of 3 retail centers. Upon completion, the site will consist of 115,000 square feet of new retail space in the 3 buildings.

Project Financing

UDF provided $3.8 million in predevelopment and construction loans for the redevelopment of the Passaic Avenue Project. The loan has a 30-month term, including a 9-month predevelopment phase and 21-months of construction. The loan includes a number of flexible features and a below-market interest rate.

Community Impact

Upon completion, the Passaic Ave. Project will provide new jobs and much needed goods and services to residents of the local community. The demolition of the old industrial mill buildings currently on the site will enhance the attractiveness and the safety of the area. Additionally, the added retail space will generate additional tax revenues for local and state governments.

Working within the Passaic Ave. Redevelopment Plan, the project is working in conjunction with local leaders to redevelop this area of the City. This redevelopment is working to remove the urban blight of old, dilapidated buildings, and replacing them with a thriving retail community.