PATERSON, NJ and WASHINGTON, D.C. (JAN. 24, 2022) – Philip’s Academy Charter School of Paterson and Building Hope today announced the closing of the transaction to purchase a 1.85-acre parcel in Paterson for the construction of Philip’s Academy’s new site. Construction on the property located at 94-124 Madison Avenue will begin in earnest next month, with a groundbreaking ceremony set for 11 a.m., Feb. 16, 2022. Members of the community are invited to join school leadership, families, and students at the ceremony.
“We’ve had our eye on a permanent home in Paterson for a long time, and this moment is one that is overwhelmingly meaningful,” said Philips’s Academy Charter School’s Founding Principal Regina Lauricella. “Environment unleashes potential is one of the five core values of Philip’s Academy, and this opportunity to develop a brand new building for our students and the greater community will allow us to actualize this piece of our mission.”
Philip’s Academy opened in 2016 with just 60 kindergartners and currently serves 435 kindergarten through fifth grade students in two different buildings in Paterson. This new site will enable Philip’s Academy to grow by 75 additional students each year and operate a single, kindergarten through eighth grade campus in Paterson for 675 students on a permanent basis.
“Paterson is in growth mode,” said Mayor Andre Sayegh. “Our youth are our future, and the development of top-tier educational facilities like the one Phillips will build deserves our support.”
As a non-profit, Building Hope sets charter schools up for success by helping them identify, finance, and construct viable facilities so that all students have access to a quality K-12 education. Building Hope is the leader for investments in and development of place-based charter school facilities customized to the program goals and the school culture, tailored to the market, and sensitive to urban planning and design.
In June 2021, Building Hope won an auction bid to purchase the parcel on behalf of Philip’s Academy. Vice President of Real Estate Jerry Zayets shared, “Development Director LeighAnne Daly’s dedication and commitment to helping the school create the community campus of their dreams is inspiring.” Ms. Daly has been working side-by-side with Philip’s Academy leadership, Studio Twenty-Seven Architecture, and O.A. Peterson Construction Company on planning and designing an affordable, top-tier charter school campus. The parties anticipate the new Philip’s Academy school will be open in fall 2023.
About Building Hope
Building Hope is a non-profit foundation created to support education and public charter schools. Since 2003, Building Hope’s purpose has been to identify and finance viable facilities so that all students have access to a quality K-12 education. Building Hope has grown the capacity of charter schools nationwide by providing facilities, financial, and operational services so that schools can focus on and devote more resources to educating students in underserved communities. Building Hope has supported 300 charter school projects and 150,000 students in 20 states and the District of Columbia, by providing more than $363 million in direct loans, credit enhancements, and equity investments to support $1.9 billion in school construction.