Odin Properties Restores Schwehm Building
Groundbreaking for the $22.5 million Atlantic Lofts project in Atlantic City is scheduled for November 17, 2026.
Updated on Nov. 3, 2026 in Commercial
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Odin Properties is leading a $22.5 million restoration of the vacant eight-story Schwehm Building at 1 South New York Avenue in Atlantic City. Groundbreaking is scheduled for November 17, 2026, and the project will create 56 loft-style apartments.
Why it matters
The project is expected to anchor the current revitalization of the North Beach-Orange Loop area. Restoring a long-vacant landmark adds residential units and ground-floor retail to the district.
The $22.5 million budget includes up to $8 million in New Jersey historic preservation tax credits, funding a project of 56 apartments between 350 and 900 square feet. The building's 1927 construction and eight stories make it a Renaissance Revival landmark designated in 2023.
The players
Odin Properties
Odin Properties is a Philadelphia-based real estate developer leading the restoration of the Schwehm Building.
The details
The Schwehm Building, an eight-story Renaissance Revival landmark built in 1927, has been vacant for many years. Philadelphia-based Odin Properties will convert it into Atlantic Lofts, with a fitness center, bicycle storage, and additional residential amenities.
Timeline
2023: The Schwehm Building was designated an Atlantic City historic landmark.
November 17, 2026: Groundbreaking ceremony at 11:00 a.m. at 6 South New York Avenue.
Commercial Real Estate Outlook
The project relies on up to $8 million in New Jersey historic preservation tax credits to make the adaptive reuse of the 1927 Schwehm Building financially viable. It follows the pattern of using state preservation incentives to convert older commercial buildings into housing in Atlantic City.
The project will add 56 apartments and approximately 2,741 square feet of ground-floor retail space to the North Beach-Orange Loop area. Residents and shoppers in Atlantic City may see new housing options and neighborhood retail once the restoration is complete.
The takeaway
Restoring long-vacant historic buildings with state tax credits can add housing and retail without demolishing landmarks. Atlantic City's North Beach-Orange Loop area may see additional development if this project proceeds on schedule.
What happens next
Groundbreaking ceremony is scheduled for November 17, 2026, at 11:00 a.m. at 6 South New York Avenue in Atlantic City.
Further reading
Explore more Atlantic City commercial real estate coverage for context on local development projects.
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