South Market Street Loft Project to Move Forward in Passaic

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2 Market Street Passaic Exterior Final Stonegate Buildings
2 Market Street, Passaic. Rendering via Stonegate Buildings.

The $20 million dollar South Market Street Loft project in Passaic, NJ, will convert an old warehouse into 63 lofts, designed with 20-foot ceilings and expansive windows, and will be targeted towards millennials and creative professionals. The amenities in this riverfront development will include a full-service lobby attendant, fitness center, and large roof terrace. Residents will also be able to take advantage of a new public riverwalk, as well as the to-be-determined business that will occupy the river-facing commercial space.

2 Market Street Passaic Before Stonegate Buildings
2 Market Street before the renovation. Photo via Stonegate Buildings.

In 2014, Noam Newman, founder of Venture Equity Partners, bought a controlling interest in the historic building, and spent the next three years developing a vision for the project. While the approval of the City Council of Passaic has been obtained for the project, there were a series of land entitlement challenges Newman faced during this process. Some of these included increasing parking count, the construction of a parking deck in close proximity to the river, the residential and live/work uses, and addressing environmental compliance.

2 Market Street Passaic Interior Stonegate Buildings
An apartment at 2 Market Street. Rendering via Stonegate Buildings.

Newman, with the help of Matt Weilheimer and Justin Lupo of the real estate brokerage firm Kislak Realty, sold the project to Steven Gelbtuch of Stonegate Buildings who is now developing the site. Gelbtuch was attracted to the project because of the thriving town of Wallington, just across the river from Passaic. The project is targeted for completion in 2019.

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4 COMMENTS

  1. This is a great adaptive reuse project which will serve as an attractive gateway to Passaic. It will be nice to have more upscale housing and retail along with units which will be suitable for artists and makers.

  2. This isn’t doing anything for Passaic, but over populating it even more. The builder isn’t worried about Passaic, they’re worried about Wallington, so go build this in Wallington. Only reason why they bought this is because Passaic is offering them grants. What we need more employment opportunities.

    • Short term employment (construction, fabrication, electrical, plumbing, carpentry, etc) and long-term employment (superintendent, building employees, workers in commercial spaces, businesses which serve new residents) will be created by this building. It’s currently a dead space, generating nothing. Passaic needs an injection of investment, different businesses, and to become a destination again. We also need entertainment in forms of performance spaces (of which there used to be many), movie theaters, and though I’m generally against proliferation of chain stores and national brands, Passaic can use more of them. A city of our size and density should not require residents to leave town (with their money) for certain types of shopping and entertainment.

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