Last month, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award exceeding $10 million to facilitate the rehabilitation of a five-story building in Atlantic City. The project, under the Historic Property Reinvestment Program (HPRP), involves turning the building into Ridley Lofts, a residential property offering 35 new units. The development is spearheaded by Ridley Lofts Urban Renewal Entity, LLC, and Odin Forward.
Tim Sullivan, Chief Executive Officer of the NJEDA, stated, “Restoring vacant or underutilized vacant properties serves as a core component of Governor Phil Murphy’s commitment to revitalizing communities, creating jobs, and driving economic growth in commercial hubs. Through the HPRP, the Ridley Lofts Rehabilitation Project will safeguard the historic Atlantic City YMCA building for future generations, deliver new housing, and serve as a catalyst for the continued revitalization of the Orange Loop district.”
Located at 1307 Pacific Avenue, the building's renovation will include modern residential amenities such as a fitness center, on-site management, secure mailroom, and a resident lounge. The structure, covering approximately 45,516 square feet, has stood vacant for over three years. Historically, it served as the Atlantic City YMCA.
The HPRP is an initiative focused on historic preservation as part of broader community development efforts. Its goal is to draw long-term private investment to New Jersey, conserve historically significant properties, and reduce the necessity for new development by revitalizing these underused areas. The program operates under the New Jersey Economic Recovery Act of 2020, is aligned with the Federal Historic Tax Credit Program, and has a $50 million annual cap, with unutilized funds rolling over to the next year's allocation.
For further program details, external resources are available online.
