Plan For Ex-Wonder Bread Factory In Hoboken Gets $120M Boost

HOBOKEN, NJ — Developers have announced rebooted plans to turn the Wonder Lofts building in Hoboken into a $120 million residential/retail complex. The building was originally built in 1909 and was used as an industrial facility that produced Wonder Bread, among other local businesses.

Earlier this week, Angelo, Gordon & Co and Prism Capital Partners announced the property’s recapitalization for $120 million.

Parkwood Development Corp., which first started the redevelopment project in 2012, will retain an ownership stake. Prism Capital will also hold an ownership stake and will be responsible for executing construction and completion of the project, developers said in a joint statement.

When complete, the renovated Wonder Lofts building will include 89 luxury residential units with more than 10,000 square feet of indoor/outdoor amenity space, on-site parking and a retail space fronting Clinton Street, developers said.

According to developers, the project will be comprised of five separate buildings and will “maintain a significant amount of the existing architecturally significant detail seen at the building today.”

“As the Manhattan and Brooklyn markets have become less affordable over the past decade, Hoboken’s appeal as an alternative to these neighborhoods has significantly increased,” said Daniel Rudin, director at Angelo, Gordon & Co.

The project has received the necessary approvals and nearly all demolition and construction preparation work has been completed, developers stated on Tuesday.

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Artist rendering courtesy of Gasthalter & Co.