Philadelphia-based real estate firm Odin Properties is moving forward with its plans to convert an eight-story office building at the corner of South New York and Atlantic avenues into loft apartments. The developer has begun construction on the project, which is estimated to cost $22.5 million and will deliver 56 units ranging from 350 to 900 square feet.
Odin Properties will reposition the building at 1 South New York Avenue, also known as the Schwehm Building, and rebrand it as Atlantic Lofts.
The plan calls for a mix of one- and two-bedroom apartments, 2,741 square feet of ground-floor retail, a fitness center, a bike storage room and a resident package room.
The Renaissance Revival-style brick building was erected in 1927 for Ernest W. Schwehm and acquired by a subsidiary of Odin’s for $985,000 in 2020 after sitting vacant for many years.
Minutes from the Atlantic City Preservation Commission show that 20% of the units — 11 apartments — will be set aside for affordable housing for residents earning 80% of the area median income. The commission voted unanimously to designate the building a historic landmark in June 2023.
Odin secured an $8 million grant for the project from the New Jersey Economic Development Authority’s State Historic Tax Credit Program.
The building is less than a mile from the boardwalk, Hard Rock Hotel & Casino Atlantic City, the Claridge Hotel — which was recently designated a historic landmark as part of a $1 billion project — Bally’s Atlantic City Hotel & Casino and the Atlantic City Convention Center.
Jersey Digs reported in 2022 that the Casino Reinvestment Development Authority approved Odin’s application for the repositioning in May of that year. The developer secured variances for increased density and parking exemptions because the property lacked on-site parking. The plan also called for the construction of a roof deck for future residents.
Odin Properties is also leading a project to restore the vacant YMCA building at 60 South Carolina Avenue. That project will deliver 34 apartments and has an estimated price tag of $18 million. It also secured a $10 million historic tax credit from the NJEDA. The developer owns 217 units in the city.
