The Nelson House Washington Hall Condominiums officially opened on Friday. There is a lot of interest in them, developer John Bibeau says.
SALEM -- What were once two crumbling buildings towering over the heart of downtown Salem have gained a new life.
On Friday, officials gathered to hold a ribbon-cutting ceremony to mark the completion of the 30-unit Nelson House Washington Hall condominium project.
The endeavor not only saved two historic neighboring buildings on East Broadway, but it is seen as a key to revitalizing the downtown area of the historic city by bringing in new homeowners.
John Bibeau is co-owner and general contractor and Ron Rukenstein is co-owner and developer of the condo project.
"It's always very gratifying to see something that seems so difficult get accomplished," Rukenstein said. "I'm very proud to be part of it."
He, like Bibeau, said the many partners involved in the project were to key its success.
Many of those who helped -- from the government agencies and local financial institutions to community promoters -- were on hand for the official opening.
"This is what adaptive reuse is about -- taking something old and making it new again and creating home ownership in the city of Salem," Bibeau said.
This project, Bibeau said, shows other "there are opportunities here" in Salem.
"This is going to be a big shot in the arm for downtown Salem," said Anthony Marchetta, from the New Jersey Housing and Mortgage Finance Agency, whose organization helped with the project.
This is not the first project for Bibeau and Rukenstein in Salem City -- they remade the old crime-ridden 26-unit Whispering Waters apartment complex into Harvest Point on Grieves Parkway.
Actual construction work on the condominium project was given the green light in early 2013 after a year of work prior to that to get all of the necessary approvals.
While the interiors were totally gutted and rebuilt with modern materials, the historic facades of the Nelson House and Washington Hall were preserved intact.
ALSO: Will Broadway facelift help struggling downtown Salem businesses?
Bibeau said it was a challenge.
"This project had a lot of intricacies you don't run into in out-of-the-ground new construction."
Rukenstein agreed, saying when they purchased the two buildings, they were "in as bad a shape as they could be."
They had been in disrepair for years and at 150 years old, had many problems. In one of the buildings there had been a recent fire.
The Nelson House in recent decades had housed a bar on the first floor and hotel rooms above. Washington Hall had ground-level stores and apartments in the floors above.
Their location on East Broadway is a key one. As motorists head south on Market Street, the buildings are straight ahead, downtown landmarks.
With the work complete, the buildings from the outside look little different than they did a century ago.
Despite the challenges, Rukenstein said he and Bibeau believe the now-finished homes will "make a real impact on the area."
The multi-million dollar project received state construction subsidies and there are five-year tax abatements for new condo owners.
Selling for $79,900, all of the units include two bedrooms, one bathroom and energy efficient windows and appliances. They offer up to 950 square feet of living space, according to the condo website and each unit comes with two off-street parking spaces.
Deed restrictions on the property prevent the condos from being rented -- they must be purchased by the occupants.
As of Friday Bibeau said sales of two units had been approved for new owners and there were at least six applications from potential owners under review.
American Dream Realty in Carneys Point and most other real estate brokers in the county have sales information, Bibeau said.
"There is a lot of interest," he said.
Bill Gallo Jr. may be reached at bgallo@njadvancemedia.com. Follow South Jersey Times on Twitter @TheSJTimes. Find NJ.com on Facebook.