Procida completes first of eight final buildings at long-stalled Cherry Hill housing project – Real Estate NJ

Plaza Grande at Haddonfield Road and Chapel Avenue in Cherry Hill — Courtesy: Procida Funding & Advisors

By Joshua Burd

A team led by investor Billy Procida has completed the first of eight buildings that will help complete a long-delayed, 283-unit multifamily project in Cherry Hill.

The developer, who leads Procida Funding & Advisors, said the 32-unit property at what’s known as Plaza Grande has finalized inspections and is ready for occupancy. It’s one of eight buildings still to come on part of the former Garden State Park racetrack property, at the intersection of Haddonfield Road and Chapel Avenue, with Procida planning a staggered completion schedule that will bring additional units online through summer 2024.

The milestone follows his announcement in August that a firm he controls had acquired Plaza Grande, an age-restricted property that was originally started by Turnberry in 2004 and continued by D.R. Horton until the financial crisis roughly five years later. That paved the way for a local builder to take over and complete an initial 224 units at the time, with financing from Procida, ahead of his plan to build out the remaining phase.

Procida revealed in September that Coldwell Banker New Homes would be the leasing and sales agent at Plaza Grande, while adding The Kamson Corp. as property manager. Amenities include an 18,000-square-foot clubhouse with an indoor pool, gym, yoga studio, movie theater, elevators in all buildings and private parking, while the development also has outdoor features such as tennis and pickleball courts, walking trails, grilling and fire pits.

When complete, the project will add to what is already a massive property with a range of housing options, including condominiums and rentals, along with an array of retail stores such as Home Goods, Home Depot, Trader Joe’s, Wegmans and many others. It also marks the final phase of the billion-dollar redevelopment of the former racetrack, with a footprint of more than 200 acres, led by Jack Morris and Joe Marino operating as M&M Realty Partners.