A rendering of Wonder Lofts on Clinton Street in Hoboken — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners has kicked off its plan to convert a historic Wonder Bread factory in Hoboken, where the firm and its partners will deliver more than 80 luxury condos and apartments.
The developer, which has partnered with Angelo, Gordon & Co. and Parkwood Development Corp., announced it has started interior demolition at the Clinton Street property. That work will pave the way for a $120 million project to transform the 109-year-old complex into what will be known as Wonder Lofts, which calls for 83 for-sale units and six rentals across three buildings.
Bloomfield-based Prism is overseeing the construction, with a design by Minervini Vandermark that will feature preserved, architecturally significant detail. The developer anticipates opening the Wonder Lofts sales office in spring 2019 and delivering the first homes a year later.
“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,” said Robert Fourniadis, Prism’s 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.”
In a news release, Prism said 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 featuring 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, Prism said. The new five-story structure will include 15 additional condo units, while a third building on Clinton Street will include six affordable rental apartments across five stories.
Wonder Lofts will also feature 10,000 square feet of indoor and outdoor amenity space including a fitness center, pool, meeting and media rooms, lounges, kitchens and entertainment areas. At street level, the community will include 2,300 square feet of retail space fronting on Clinton and on-site garage parking.
“We are thrilled to make our foray into the Hoboken multifamily market with this highly anticipated project,” said Eugene Diaz, a principal partner with Prism. “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.”