A plan to transform an industrial zone in Hoboken into a thriving artistic hub is taking shape, the Wall Street Journal reported, as developer Hershey Weiss continues the renovation of a former factory building.
Weiss purchased the building, at Monroe and 7th streets in Hoboken, earlier this year by purchasing the debt on the property from the bank, the Journal said. He is carrying out $3 million in renovation work. The new hub has started to attract new tenants to the offices and artists’ lofts, he said; deals have been signed with a bridal studio, two artists and a children’s fitness center.
The building has been used since 1990 as the Monroe Center for the Arts, but its former owner filed for bankruptcy protection in 2008.
“You would not imagine anything like this in this part of New Jersey,” Weiss said. “It makes you think of Dumbo or the Village [in New York City.]” [WSJ]