The New Jersey Economic Development Authority (NJEDA) has taken another major step in revitalizing Atlantic City with the approval of an $8 million tax credit under the Historic Property Reinvestment Program (HPRP) for the rehabilitation of the Schwehm Building. Located in the Orange Loop district, this project, known as the Atlantic Lofts Rehabilitation Project, will transform the long-dormant eight-story office building into 56 new residential units, along with commercial spaces and modern amenities, including a rooftop deck.
This investment is a significant win for Atlantic City. Not only will it preserve the historic Schwehm Building for future generations, but it will also continue to enhance the Orange Loop, a district that has been the focus of revitalization efforts. The introduction of residential units and commercial spaces will further strengthen the area’s appeal and contribute to its vibrancy.
Michael Chait, President of the Atlantic City Chamber of Commerce, expressed enthusiasm for the project: “The rehabilitation of the Schwehm Building represents a pivotal moment in Atlantic City’s ongoing revitalization. This investment not only preserves a piece of our city’s rich history but also injects new life into the Orange Loop district. We’re thrilled to see the NJEDA’s commitment to our city’s future through programs like the HPRP.”
The Historic Property Reinvestment Program (HPRP) is a powerful tool for bringing underutilized historic properties back to life. It offers substantial tax credits that help developers preserve buildings with historic value, creating long-term economic and quality-of-life benefits for New Jersey communities. With the focus on attracting private investment, programs like HPRP are crucial for reducing the need for new development, while making the most of existing structures.
If you’re a developer or property owner with a historic building in need of rehabilitation, the HPRP is a program worth exploring. The latest application round is open until October 29th, and with a cap of $50 million annually, there’s an incredible opportunity for investment. For more information and to apply, visit NJEDA’s Historic Property Reinvestment Program.