Construction for the $120 million industrial-to-residential conversion of a former Wonder Bread facility in Hoboken has begun, according to Prism Capital Partners.
The Bloomfield-based firm has partnered with Angelo, Gordon & Co. and Parkwood Development Corp. to transform the former bakery and surrounding site into 83 for-sale and six multifamily rental units in three buildings.
As operating partner and an adaptive reuse specialist, Prism Capital Partners will oversee the construction of Wonder Lofts, it said.
The plan is to convert an existing seven-story buildings into 68 luxury condominium units, Prism said. These two- to five-bedroom loft-style homes will range in size from 1,200 to 2,700 square feet and feature private access to terraces.
The second building, with five stories and 15 additional condo units, will be built on the corner of 8th and Clinton streets. The third building, also located on Clinton Street, will feature six affordable rental units throughout five stories.
“Hoboken is one of New Jersey’s strongest residential and commercial markets, and the Wonder Lofts property sits in the heart of this dynamic community,” Robert Fourniadis, Prism Capital Partners’ senior vice president, residential, said. “Future residents will be ideally positioned to take advantage of all that makes New Jersey’s Gold Coast such a popular place to live, work and play.”
The lofts will have 10,000 square feet of amenity space, including a fitness center, pool, meeting and media rooms, lounges, kitchens and entertainment spaces. It will also feature 2,300 square feet of retail on Clinton Street and an on-site parking garage.
The property is slated to open in Spring 2019 and deliver its first homes in Spring 2020, Prism said.
“We are thrilled to make our foray into the Hoboken multifamily market with this highly anticipated project,” Eugene Diaz, a Prism Capital Partners principal partner, said. “As multifamily demand continues unabated, projects like this are serving to reduce New Jersey’s sizeable inventory of obsolete industrial space while producing new and distinctive housing options in key markets. Wonder Lofts will be no exception.”