(To read more on the multifamily market, click here.)

HOBOKEN, NJ-Bijou Properties has started construction for Garden Street Lofts, a project that involves conversion of an 80-year-old, seven-story warehouse building into loft-style residential condos. The project will bring a total of 30 new residences to market, with sales slated to start later this month. Initial occupancy is slated for April 2008.

The building is located at the intersection of Garden and 14th streets in this waterfront city’s Uptown District. The redevelopment of the building also includes 8,300 sf of ground-floor retail space. The project was designed by Manhattan-based Sharples Holden Pasquarelli.

The property is also being redeveloped to Silver LEED standards, according to Larry Bijou, managing partner of the Teaneck-based Bijou Properties. “LEED certification requires documentation of the entire building process, including the recycling and reuse of existing construction materials, development of high-performance energy systems, use of sustainable products, water and energy efficiency, air quality and human health,” Bijou says.

“This is the first residential high-rise of its kind in New Jersey,” Bijou says. “Hopefully, many more will follow to help reflect on the way we live in ever-increasing urban environments.”

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