CPC loan aids artist community, and mexican food market in N.J

Real Estate Weekly,  Jan 2, 2008  

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A former warehouse for storing beads is now a new mix of art and culture at 41-49 Central Avenue, the 27,000 s/f residential-over-retail development financed through a nearly $2.1 million loan from the Community Preservation Corporation (CPC), a nonprofit mortgage lender with New Jersey offices in Jersey City and Trenton.

"The conversion and reuse 41 Central is a great example of how rehabilitated buildings can benefit their communities," CPC vice president Annemarie Uebbing said. "A once-vacant meatpacking plant and storage warehouse has been reborn as a thriving artist community with a local flavor all its own. We were able to guarantee construction and permanent financing, and it's exciting to see our efforts pay off as residential and retail tenants move in."

The former industrial building has been converted into 12 artist lofts totaling 23.000 s/f, featuring large live and work space, including 14-foot ceilings. freight elevators and concrete and hardwood floors. The reuse is part of a two-year project undertaken by developer New Horizon Joint Venture.

"This is a building with personality, nurtured by caring, creative and sometimes slightly wacky residents," said Steven Hess, a partner in New Horizon Joint Venture. "We wanted to provide a unique living and work space in the heart of Passaic. This building has really come to life with new tenants and a new purpose."

The lofts are reserved for those individuals pursuing artistic endeavors, either full or part time. Eight of the 12 lofts are already rented out and occupied, and Hess said there is a strong interest in the remaining unoccupied space. All applicants must supply a resume and portfolio to the Passaic Art Certification Board for verification before being considered as tenants.

In March, El Aguila, a Mexican restaurant and convenience store, will open as the final component of the mixed-use development. Spanish for the eagle, El Agulia will take up the entire store front, about 4,000 s/f.

The store and restaurant will feature a large, open kitchen where customers can watch their food being prepared. The store will stock mostly Mexican and other Hispanic groceries.

COPYRIGHT 2008 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning