LOW-INTEREST STATE EDA FINANCING HELPS BRING NEW WANAQUE REDEVELOPMENT PROJECT TO LIFE
Wanaque, N.J. (June 5, 2008) – A local developer has transformed several underutilized and deteriorating properties along the main street in this Passaic County community into a thriving new downtown business complex with the help of low-interest state financing from the New Jersey Economic Development Authority (EDA).
“The project supports Governor Corzine’s Economic Growth Strategy to encourage downtown redevelopment and the growth of small businesses,” said EDA Chief Executive Officer Caren S. Franzini. “The project has helped revitalize the local business district and will ultimately lead to the creation of as many as 140 new jobs in the borough.”
The Haskell Town Centre, located in the Haskell neighborhood of Wanaque just off Route 287, features a three-story, 49,000-square-foot brick building offering retail, commercial and medical office space. The project site along Ringwood Avenue was designated as a redevelopment area by the Borough of Wanaque and Bald Eagle Urban Renewal at Wanaque LLC was chosen as the project developer. Bald Eagle is owned by developer Sal Falciglia Jr. and is an outgrowth of the construction company founded by his father more than half a century ago.
Current tenants include a physicians group, a speech pathologist, a physical therapist, a health club, a women’s day spa, photography and recording studios, a marketing firm, a jewelry store, a sushi bar, a convenience store, a nail salon and a dry cleaners. Medical and professional offices occupy the second and third floors; the first floor is devoted to retail, commercial and restaurant uses. Only about 8,000 square feet remain to be leased, Falciglia said.
The $14-million project began to take shape when Falciglia purchased eight separate unused or dilapidated buildings and parcels of land at 1051-1073 Ringwood Ave. The old buildings were taken down and a single new building, along with ample front and side parking lots, were put in their place. The project became more feasible when the county completed its widening and redevelopment of Ringwood Avenue a few years ago, Falciglia said.
The EDA’s $1.25-million loan was part of a funding package that also included financing from Columbia Bank, which recently was added to the EDA’s roster of Preferred Lender banks. The EDA loan closed in May at an interest rate fixed at 3.55 percent for the first five years of a 10-year term.
Falciglia said the idea to investigate what state funding was available came from Passaic County Director of Economic Development Deborah Hoffman and planner Kenneth Ochab.
“Mr. Falciglia has been working closely with the Borough of Wanaque and Passaic County to redevelop the Wanaque town centre,” Hoffman said, “and low-cost financing from the EDA made the project financially feasible.”
Falciglia doesn’t regret his decision to follow through with the EDA.
“Working with the EDA was an absolute pleasure,” he said. “You can’t beat the interest rate and everything was wrapped up quickly. The EDA made it very easy. It didn’t make me run through hoops to get funding.”
To learn more about EDA products and services to assist redevelopment projects, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898. For more information about doing business in New Jersey, visit www.NewJerseyBusiness.gov.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and real estate development activities.