A century-old office building that sits on a prominent Atlantic City corner is slated to undergo a residential revitalization along a corridor that has a slew of other developments in the pipeline.
During their May 24 meeting, the Casino Reinvestment Development Authority (CRDA) approved a plan to restore an eight-story structure at 1 South New York Avenue. The rectangularly-shaped property is also known as the Schwehm Building, which sports renaissance revival-style brick and dates to the 1920s.
A subsidiary of Philadelphia-based Odin Properties purchased the land in 2020 for $985,000. The company then worked with SOSH Architects on a plan called Atlantic Lofts that will completely renovate the existing building into a 56-unit residential structure that includes 2,741-square feet of retail on the ground floor.
The existing signage on the building will be replaced with a modern and cleaner version, but restoration is otherwise the name of the game for the rest of the property. One new feature that will be added is a roof deck on top of the structure for future residents, who will also have access to a fitness center and a bike storage room planned for the facility.
The approvals are a welcome sign for the once-trophy property, which has sat vacant for many years at the corner of Atlantic and New York avenues. The CRDA granted Odin Properties variances for greater density than allowable and parking exceptions, as the property does not currently have any on-site parking.
Atlantic Lofts is the latest project to emerge along New York Avenue and follows approvals for another historic restoration down the block at the former Morris Guard Armory site. The Cardinal Restaurant & Hotel from Authentic City Partners is also slated to rise in the coming months at 151 South New York Avenue.