NJEDA Board Awards Tax Credits to Support Rehabilitation of Former YMCA Building in Atlantic City

TRENTON, N.J. (April 11, 2025) – Last month, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of over $10 million to rehabilitate a five-story building in Atlantic City under the Historic Property Reinvestment Program (HPRP). The Ridley Lofts Rehabilitation Project, developed by Ridley Lofts Urban Renewal Entity, LLC and Odin Forward, will bring 35 new residential units to the Orange Loop district in Atlantic City.

“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,” said Tim Sullivan, Chief Executive Officer of the NJEDA. “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.”

The project consists of the complete rehabilitation of a five-story building located at 1307 Pacific Avenue into a modern residential housing development. In addition to the 35 new residential units, the development will include a fitness center, on-site management, a secure package and mail room, and a resident lounge. The early 20^th century building originally operated as the Atlantic City YMCA. The building has a total of approximately 45,516 square feet of interior space and has been vacant for over three years.  

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year.

Full details on the program are available here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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