The industrial-to-residential conversion of a former Wonder Bread factory on Clinton Street in Hoboken is moving forward, with interior demolition now underway, announced Prism Capital Partners. The Bloomfield, N.J.-based adaptive reuse specialist has 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 multifamily units in three buildings.
As operating partner, Prism Capital Partners is overseeing the construction of Wonder Lofts. The property, designed by Minervini Vandermark, will feature preserved, architecturally significant detail. The conversion of the existing 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 square feet. All will feature private direct-access terraces or rooftop terraces with water electric and gas hookups.
The second building will be built on the corner of 8th and Clinton streets. That five-story structure will include 15 additional condo units. A third building, also located on Clinton Street, will include six affordable rental apartments on 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,” noted Prism Capital Partners’ Robert Fourniadis, senior vice president, residential. “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.”
Wonder Lofts residents will also benefit from 10,000 square feet of indoor and outdoor amenity space including a fitness center, pool, meeting and media rooms, lounges, kitchens and entertainment areas. The community will include 2,300 square feet of street-level retail fronting on Clinton and ample on-site garage parking, and will provide easy access to mass transit.
Prism Capital Partners anticipates opening the Wonder Lofts sales office in the spring of 2019 and delivering the first homes in the spring of 2020. “We are thrilled to make our foray into the Hoboken multifamily market with this highly anticipated project,” said Eugene Diaz, a Prism Capital Partners principal partner. “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.”
The $120 million Wonder Lofts project continues Prism Capital Partners’ established success in the industrial-to-residential adaptive reuse arena. The firm currently is wrapping up Phase I construction at Edison Village, the mixed-use redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. The 12-acre site represents the largest non-waterfront adaptive-reuse project in New Jersey. In Bloomfield, the firm is readying to launch Phase II of Parkway Lofts following the successful Phase I transformation of an obsolete, c. 1915, former General Electric Company industrial property into a distinctive, high-density residential village.
About Prism Capital Partners
Headquartered in Bloomfield, N.J., Prism Capital Partners is an experienced real estate owner/operator with a proven track record of creating value through select real estate investments and developments. Geographically focused in the New Jersey/New York/Connecticut market, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential sectors. The company invests with institutional and private capital sources that rely on Prism’s ability to identify and realize the highest value potential in real estate endeavors of all sizes. To date, the 16-year-old company, with its capital partners, has invested more than $750 million in 17 projects totaling over 5 million square feet.