Construction continues at Prism Capital Partners’ Wonder Lofts project on Clinton Street in Hoboken — Courtesy: Prism
By Joshua Burd
Prism Capital Partners is eyeing a June completion date for its conversion and restoration of a historic Wonder Bread factory in Hoboken, where it will deliver 89 new residential units.
The developer, the operating partner in what it calls Wonder Lofts, has teamed with Angelo, Gordon & Co. and Parkwood Development Corp. to transform the roughly 110-year-old bakery building and surrounding site at 8th Avenue and Clinton Street. Upon completion, the adaptive reuse project will include 83 for-sale and six rental multifamily units in three buildings.
Prism anticipates opening the Wonder Lofts sales office in March 2021 and delivering the first homes in June.
“Hoboken remains one of the state’s most robust residential and commercial markets,” said Robert Fourniadis, senior vice president, residential, with Prism. “Future residents of Wonder Lofts will be situated in the heart of this dynamic community and all that it has to offer.”
The Nutley-based developer is overseeing the construction of Wonder Lofts, which has been designed by Minervini Vandermark and will feature preserved, architecturally significant detail, according to a news release. The conversion of the existing seven-story buildings will introduce two- to five-bedroom loft-style condos ranging 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 Avenue and Clinton Street, offering 15 additional condo units across five stories, Prism said. A third building, also located on Clinton Street, will include six affordable rental apartments on five stories.
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 8th, with ample on-site garage parking and 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 delivering this distinctive housing option to future residents,” said Eugene Diaz, principal partner with Prism.