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Restoration begins in NJ on Cooke Mill Complex.

Work has begun on the $8.9 million Cooke Mill Complex in the Great Falls Historic District of Paterson, New Jersey.

The four-story, 54,000-square-foot turn-of-the century building that was once a textile mill, will be renovated for multiple use as a medical facility and for affordable housing.

The first two stories will house the medical and dental services of St. Joseph's Family Practice Center under long term-term lease to St. Joseph's Hospital and Medical Center. The downtown center will serve St. Joseph's employees, residential tenants and the community at large.

The top two floors will offer 34 oneand two-bedroom apartments expected to rent from $450 to $650 per month to tenants with family incomes below $25,000 per year.

The Cooke Mill project is expected to generate some 200 construction jobs and as a result of the project, 121 permanent jobs will be created or retained in Paterson.

A project of Longstreet Developement Corp. of West Paterson, New Jersey, the Cooke Mill Complesx has received financing from a number of sources, including the Great Falls Bank, the New Jersey Housing and Mortgage Finance Agency The New Jersey Economic Development Authority, the New Jersey Department of Community Affairs, the New Jersey Urban Development Corp. and the City of Paterson. Additional funding was received through the sale of housing and historic tax credit.

The Cooke Mill Complex project was kicked off with ceremonies attended by Gov. James J. Flori U.S. Rep. Robert Torricelli (DEnglewood) and Paterson Mayor William J. Pascrell Jr. who is also a state assemblyman.
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Title Annotation:Property Management/Improvement; Section II; historic building to be renovated for multi-use status in Paterson, New Jersey
Publication:Real Estate Weekly
Date:Feb 24, 1993
Previous Article:CB Commercial assists in sale.
Next Article:$1M arranged for Queens buildings.

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