JERSEY CITY-Work is under way on a major conversion project that will turn the five-building, one-million-sf former American Can Co. (Canco) plant here into 200 residential condos initially, and more than 550 units at build-out. The project is being done by Coalco Construction Services, a New York City-based division of Russia's Coalco Development. The cost of the project hasn't been released.

Dubbed Canco Lofts, the project will remake a complex of five industrial buildings constructed in the 1920s. The first phase of 200 units involves two buildings totaling 380,000 sf, and will include a small retail component, and a feature of the project will be the 10,000-sf Canco Lofts Residents Club. First-phase units are slated for delivery in Q2 2008.

"This building was a big employment center, but it had spent the past 20 years aging and decaying," said Mayor Jerramiah Healy at a ceremonial American flag raising at the site. "There are great things going on in Jersey City, and the revitalization of this building is another example of that."

American Can occupied the property from the 1920s until 1974, and the site is credited with being the birthplace of the modern aluminum can. Known for its distinctive saw-toothed roofline and art deco details, it was used by several commercial tenants after Canco departed. Coalco bought the property three years ago and set in motion the current redevelopment plan.

"We realize the critical role this building played in the history of this city and are proud to revitalize this structure," says Edward Yorukoff, director of marketing for Canco Lofts. "By restoring the architectural details and industrial designs that make this building so well-known, we are able to breathe new life into a landmark structure."

The property is located at 50 Dey St., to the west of Downtown. Its other amenities include 14-foot ceilings in its residential units and a directly accessible parking structure.