HHG's plan to transform the former Roebling Steel complex has been called a game changer for Trenton
TRENTON -- The much-anticipated project to convert the dilapidated Roebling Steel buildings into an upscale housing, office and retail complex can now move forward after the developer locked down the one thing it needed most: money.
HHG Development Associates announced Thursday that it had completed a $35 million financing package, allowing it to finally break ground on Roebling Lofts, the first phase of the Roebling Center project.
"We're thrilled to complete this essential stage of the project," principal Michael Goldstein said. "Between the debt and tax-credit investments now in place, we have the money we need to build the project."
Project to transform Roebling complex is Trenton's catalyst
Fulton Bank of New Jersey is the lead investor, providing construction debt, long-term debt and tax-credit financing and The Bank of Princeton is participating in construction and long-term debt financing.
Other funding includes federal historic tax credits and $16.1 million in tax credits over 10 years that was awarded to them last year by the state Economic Development Authority.
Roebling Lofts will transform Building 101 into 138 lofts with high ceilings, big windows and a spiral staircase. Materials will be sustainable, appliances will be energy-efficient and the amenities and finishes will be upscale, principal John Hatch said.
But significant architectural and historic elements will remain, including steel trusses, a gantry crane in the lobby and a wire rope testing machine that will become the centerpiece of the fourth-floor lounge.
"We are excited to start the long-awaited renovation of this historic factory," principal David Henderson said.
Construction on the first phase is expected to be complete in the first quarter of 2017.
The second and third phases would follow, adding another 52 lofts, creative office spaces and restaurant and retail spaces that would surround a public piazza.
Cristina Rojas may be reached at crojas@njadvancemedia.com. Follow her on Twitter @CristinaRojasTT. Find The Times of Trenton on Facebook.