the Funding of $ 94 million for the redevelopment of Hinchliffe Stadium, a former Negro Leagues baseball stadium in Paterson, NJ, was finalized by BAW Development, paving the way for further work.
The restoration of the WPA-funded Art Deco installation is at the heart of the Hinchliffe Stadium District Restoration Project, which includes additional neighborhood facilities.
One of four remaining stages of the black leagues still awake, Hinchliffe Stadium opened in 1932 and hosted the Black New York Yankees and Cubans from New York among other events, including auto races and Abbott and Costello concerts. The $ 94 million development plan will restore the former home of Black League baseball and also include a 315-space parking garage and six-story, 75-unit senior housing. Efforts to restore Hinchliffe Stadium have been going on for years; At one point, the Ripken organization launched a renovation plan, but in the end, it took a lot of persistence and effort on the part of the locals for the project to be successful.
Three other baseball fields that were full season residences for Black League baseball are still standing: JP Petit Parc (house of the Jacksonville Red Caps), Hamtramck Stadium (built for the Detroit Stars, currently in the midst of its own restoration project) and Rickwood Field, the house of Black Barons of Birmingham. League Park, former home of Cleveland Buckeyes, still partially holds.
All funding was managed by BAW’s redevelopment partner, RPM Development Group. The financing is a combination of private loans, tax credits and other vehicles, including a $ 60 million construction loan from Goldman Sachs and a $ 10 million new business tax credit and historic federal tax credit from US Bancorp Community Development Corporation, US bank tax fairness. and community development subsidiary.
The funding also includes a $ 21 million new business tax credit allocation for four community development entities (CDEs): the Community Loan Fund of New Jersey, Consortium America, RBC Community Development, and USBCDE. . The Passaic County Improvement Authority also issued a bond in support of the project, purchased by Goldman Sachs as part of its construction loan, which serves as a bridge loan for New Jersey Economic Growth and Rehabilitation Credits (ERG ).
Renovation work started in April.
âWhen it comes to a project of this nature, there is no doubt that it takes a strong team to put all the pieces in place, and we are extremely grateful to the diverse group of funding partners who have come together. gathered to finance the reimagining of this historic project. site, âsaid Baye Adofo-Wilson, founder of BAW Development. âGiven the challenges of the past year, moving this long-awaited infrastructure project forward has required a very complex and creative funding structure on all parties. The successful closings are a testament to our partners’ belief in seeing the future of not only Hinchliffe Stadium, but the wider impact it will have for the entire Town of Paterson.
The initiative is highlighted by the complete renovation and modernization of the historic stadium, which will make the facility ADA compliant and improve the pitch, toilets, lighting, dashboard and seats.
In addition to the 7,800-seat sports facility, the project also includes the basic development of:
- A 12,000 square foot restaurant and event space that will pay tribute to professional and secondary sporting achievements at Hinchliffe Stadium, as well as related racial issues
- A six-story USGBC LEED Platinum-certified affordable seniors housing building featuring 75 studios, one- and two-bedroom units
- A 5,200 square foot nursery school
- A structured car park with 314 spaces
Once construction is complete, it will become the home ground for John F. Kennedy High School for several sports and also serve the wider community for concerts, festivals, sports camps and other semi sporting events. -professionals and professionals.
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