The industrial-to-residential $120 million conversion of the former Wonder Bread factory on Clinton Street in Hoboken has begun, with interior demolition now underway, announced Prism Capital Partners, which is overseeing construction to transform the 1909 bakery building and surrounding site.
Wonder Lofts ultimately will include 83 for-sale and six rental multifamily units in three buildings.
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.
Prism, a Bloomfield-based adaptive reuse specialist, has partnered with Angelo, Gordon & Co. and Parkwood Development Corp.
Wonder Lofts will include 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 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.