Atlantic City
is getting 56 lofts.
By Justin Kelly
NJ Real Estate Broker-Salesperson
A vacant 1920s building at 1 South New York Avenue is being rebuilt as 56 loft apartments, a $22.5 million historic rehabilitation with an $8 million state tax credit behind it.
What was reported
- Odin Properties has started preliminary work on the long-vacant Schwehm Building at 1 South New York Avenue, a $22.5 million historic rehabilitation of the eight-story 1920s building into 56 loft-style apartments
- Units run 350 to 900 square feet, with about 2,741 square feet of ground-floor retail, a fitness center and bike storage; the state Economic Development Authority backs it with an $8 million historic tax credit
- The Casino Reinvestment Development Authority approved the project and a groundbreaking ceremony is planned for September; the same developer is turning the vacant YMCA on South Carolina Avenue into 34 apartments
The story
Odin Properties has started preliminary work on the Schwehm Building, an eight-story brick building from the 1920s at 1 South New York Avenue in Atlantic City's North Beach section. The building has sat vacant for years. The plan, called Atlantic Lofts, turns it into 56 loft-style apartments of 350 to 900 square feet.
The rehabilitation is priced at $22.5 million. The New Jersey Economic Development Authority is supporting it with an $8 million tax credit under its Historic Property Reinvestment Program, and the Casino Reinvestment Development Authority has approved the project. Plans also include about 2,741 square feet of ground-floor retail, a fitness center, a bike storage room and a package room.
The same developer is restoring the long-vacant YMCA at 60 South Carolina Avenue, an $18 million project that creates 34 apartments, also with EDA support, and it owns 217 existing units in the city. A groundbreaking ceremony for Atlantic Lofts is planned for September.
A historic tax credit is what lets a developer keep a century-old building and rebuild the inside as apartments instead of clearing the lot. If you own an older vacant building in a shore town, that credit is part of how a buyer prices it. Plans, unit counts and timing can change.
Reported by RE-NJ. This is a summary in our own words; the full report is theirs.
Our take
A historic tax credit lets a developer keep an old building and rebuild the inside as apartments instead of clearing the lot. If you own an older vacant building at the shore, that credit is part of how a buyer prices it.