8B — September 25 - October 15, 2020 — Roofing/Flooring — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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Roofing/Flooring
OBOKEN, NJ — Construction is pro- gressing rapidly at Hoboken, NJ, industrial-to-residential adaptive reuse project will Introduce 83 For-Sale Construction progressing rapidly at Prism’s Wonder Lofts in Hoboken H terraces with water, electric and gas hookups.
multifamily units in three buildings. As operating partner, Prism is overseeing the con- struction of Wonder Lofts. The property, designed by Minervini Vandermark , will feature preserved, archi- tecturally significant detail. The conversion of the exist- ing seven-story buildings will introduce 68 luxury condominium units. The two- to five-bedroom loft- style homes will range in size from 1,200 to 2,700 s/f. All will feature private direct- access terraces or rooftop
The second building will be built on the corner of 8th Ave. and Clinton St. That five-story structure will in - clude 15 additional condo units. A third building, also located on Clinton St., will include six affordable rental apartments on five stories. Prism anticipates opening the Wonder Lofts sales office in March 2021 and deliver- ing the first homes in June. “Hoboken remains one of the state’s most robust resi- dential and commercial mar- kets,” noted Prism Capital Partners’ Robert Fournia - dis , senior vice president, residential. “Future resi- dents of Wonder Lofts will be situated in the heart of this dynamic community and all that it has to offer.” Wonder Lofts residents will also benefit from 10,000 s/f of indoor and outdoor ame- nity space including a fitness center, pool, meeting and me- dia rooms, lounges, kitchens and entertainment areas. The community will include 2,300 s/f of street-level retail fronting on Clinton and 8th, and ample on-site garage parking, and will provide easy access to mass transit. “This much anticipated adaptive reuse project is our first foray into the Hoboken multifamily market, and we are pleased to be deliver- ing this distinctive housing option to future residents,” said Prism’s Eugene Diaz , principal partner. The $120 million Won- der Lofts project continues Prism’s established success in the industrial-to-residen- tial adaptive reuse arena. The firm in 2018 completed Edison Lofts at Edison Vil- lage, the award-winning, mixed-use redevelopment of the historic Thomas Edi- son Invention Factory and Commerce Center in West Orange. The 21-acre Edison Village site – slated for ad- ditional multifamily develop- ment – represents the largest non-waterfront adaptive- reuse project in New Jersey. Prism also redeveloped the award-winning Parkway Lofts, a landmark c. 1913 former General Electric Com- pany warehouse that opened as luxury multifamily rental in 2013 and was sold to Clar- ion Partners in 2015. MAREJ
Wonder Lofts – PrismCapi - tal Partners’ industrial- to-residential transforma- tion of the former Wonder Bread factory on Clinton St. in Hoboken. The Nut- ley-based adaptive reuse specialist partnered with Angelo, Gordon & Co. and Parkwood Development Corp. to transform the c. 1909 bakery building and surrounding site; Wonder Lofts ultimately will include 83 for-sale and six rental
Former Wonder Bread factory
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