Construction continues to progress at the $120 million Wonder Lofts project, a transformation of a former Wonder Bread factory in Hoboken into a residential property, according to developer Prism Capital Partners.
The Nutley-based real estate company specializes in adaptive reuse, and has partnered with Angelo, Gordon & Co. and Parkwood Development Corp. on the circa-1909 bakery building and its surroundings. The revamped property will include 83 for-sale and six rental multifamily units spread over three buildings.
“Hoboken remains one of the state’s most robust residential and commercial markets,” Prism’s Robert Fourniadis, senior vice president, residential, said in a prepared statement. “Future residents of Wonder Lofts will be situated in the heart of this dynamic community and all that it has to offer.”
The existing seven-story building will be converted into 68 luxury condominium units in two- to five-bedroom loft-style formats ranging from 1,200 to 2,700 feet. A second, five-story building will be built with 15 more condos, while a third, five-story building will include six affordable rental apartments.
“This much-anticipated adaptive reuse project is our first foray into the Hoboken multifamily market, and we are pleased to be delivering this distinctive housing option to future residents,” Prism’s Eugene Diaz, principal partner, said in a statement.
The property is being designed by Minervini Vandermark, and Prism is overseeing construction as operating partner. Amenities will include a fitness center, pool, lounges and entertainment areas, and more.
Prism expects to open the sales office in March, and deliver the first homes in June.