The ground-breaking ceremony for Pace Glass' new facility
Pace Glass, which has, for the past two years, taken in recovered glass from independent MRFs at a small operation in Jersey City, N.J., recently held a ground-breaking ceremony for a second, significantly larger New Jersey facility.
The facility, located in the town of Andover in central New Jersey, will sit on a 100-acre parcel and feature 27 optical sorters to process an estimated 550,000 to 750,000 tons per year. If that plan pans out, the site could significantly alleviate pressures for a recyclable material that has encountered economic challenges.
The project’s total price tag is expected to be USD 90 million, according to a company leader.
“The construction of the new facility is probably around USD 60 million to USD 70 million,” said George Valiotis, CEO of Pace Glass, noting that total accounts for possible cost overruns and expenditures. “We’ve spent about USD 20 million on land, building, trucks. We really had to build the infrastructure first. We’re about USD 20 million in and we’re going to invest another USD 70 million into this.”
Pace’s CEO is the son of Efstathios (Steve) Valiotis, who owns New York residential real estate company Alma Realty as well as Alma Bank, headquartered in Queens, N.Y. The National Herald, a New York-based newspaper that covers the Greek-American community, pegged Steve Valiotis’ worth at USD 1.2 billion in 2014.
“My father is backing this financially and working with banking institutions,” George Valiotis said. “My bus...
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