After decades of setbacks and ownership changes, the final phase of Cherry Hill’s billion-dollar redevelopment project, Plaza Grande, has been acquired by a new owner. The ambitious project is part of the Garden State Park redevelopment initiative, which saw the transformation of the former Garden State Park Racetrack into a mixed-use retail and residential complex.
Garden State Park, located at the intersection of Haddonfield Road and Chapel Avenue, has evolved over the past 20 years into a bustling hub. However, Plaza Grande, designed as a 55-and-older community, has remained an unfinished component of the 2002 master plan for the area.
Last July, CEO Billy Procida of Procida Funding & Advisors, who had previously financed the project’s prior owners, acquired Plaza Grande. His vision includes the completion of the remaining 283 homes and enhancements to the community’s facilities.
Procida expressed enthusiasm for Plaza Grande’s location, citing its exceptional amenities, including indoor and outdoor saltwater pools, club rooms, a gym, yoga studio, movie theater, and an upcoming golf simulator room. Residents enjoy the convenience of being within walking distance of various services.
The timeline for the project’s completion remains undisclosed, but additional one- and two-bedroom homes are set to become available this month.
The redevelopment initiative has faced numerous challenges and changes in ownership since its inception two decades ago. In 2002, Turnberry Associates Inc., a Florida-based developer, acquired and demolished the racetrack. Their vision for a mixed-use “town center” sparked controversy among local businesses and residents.
Despite initial hurdles, many aspects of the 330-acre Garden State Park site have come to fruition. Construction of Plaza Grande began in 2004 under the ownership of national homebuilder D.R. Horton, but the project encountered difficulties during the Great Recession.
In 2014, an affiliate of Tristate Ventures, based in Pennsylvania, assumed control of the site with financial support from Procida. Now, Procida has acquired the property, signaling a renewed commitment to the completion of the residential complex.
Garden State Park boasts an array of condominiums and rental properties, along with prominent retail stores such as Costco, TJ Maxx, HomeGoods, and Trader Joe’s.
