Construction is officially underway at Atlantic Lofts, Odin Properties’ highly anticipated $22.5 million historic rehabilitation of the landmark Schwehm Building at 1 So. New York Avenue. The developer has already broken ground and begun preliminary work and will celebrate the milestone with an official groundbreaking ceremony this September. Odin Properties is transforming the long vacant, eight-story Schwehm Building—a 1920s Renaissance Revival-style brick landmark—into 56 modern loft-style apartments ranging from 350 to 900 square feet. The project is supported by up to $8 million in NJEDA State Historic Tax Credits.
Approved by the Casino Reinvestment Development Authority (CRDA), the major restoration in the city’s North Beach section will feature approximately 2,741 square feet of ground-floor retail space, a fitness center, a bike storage room, and a resident package room.
Odin Properties is proving to be a driving force in Atlantic City’s ongoing economic revitalization. Atlantic Loft’s residents will enjoy premium housing within comfortable walking distance of the city’s premier dining, entertainment, and beachfront boardwalk amenities.
“By restoring a prominent, long-vacant corner property like the Schwehm Building, we are preserving Atlantic City’s rich architectural history while delivering top-tier housing options as we join other developers in creating a new neighborhood in the Orange Loop area,” said Philip Balderston, Founder and CEO of Odin Properties. “This revitalization of a more than century old building continues our mission to create design forward high-quality housing at an attainable price.”
Philadelphia-based Odin Properties is actively revitalizing Atlantic City’s real estate market through major adaptive reuse projects. They currently own 217 existing units and are spearheading two major historic restoration and residential development projects in the city, totaling 90 new apartments.
Along with the Schwehm Building, they are restoring the long vacant YMCA at 60 S. Carolina Avenue. Acquired from the CRDA, Phase 1 of this $18 million mixed development consists of a historic rehabilitation of 34 apartment units. Supported by over $10 million in NJEDA State Historic Tax Credits, the complex will cater primarily to young professionals and feature a fitness center and resident lounge.
Headquartered in Philadelphia and active across 13 states, Odin Properties brings strict institutional discipline, specialized historic preservation expertise, and a consumer-centric approach to these Atlantic City projects.
The date of the groundbreaking ceremony, project milestones and future residential leasing information will be released as development progresses.
