GlobeSt: Given that New Jersey is one of our oldest states, is there a lot of opportunity for adaptive reuse?

Gibson: I think so. All you have to do is drive into the old industrial sections of the state such as Paterson, Garfield and you’ll see opportunities around you.

GlobeSt: What are the benefits of adapting an existing building?

Gibson: In the LEED certification, they encourage the reuse of an existing structure, so as far as our LEED certification, we get quite a few points because of the structure. On a cost basis, there is no particular advantage to reuse. By the time you do all your repairs and bring it up to code, in some regards it may well be cheaper to build new, but you lose all the character. In the case of the project we’re building now, Parkway Lofts, we could never have built the high ceilings – it’s just unfeasible. The huge windows? Unfeasible. In the older buildings you do get some features that just will not be available in a new building.

GlobeSt.com: What are some of the challenges in New Jersey compared with other states?

Gibson: In New Jersey, in some regards, reuse and adaptive reuse of existing structures is more encouraged. They’re trying to limit greenfield development and push the development of urban areas. But what might hold it back a bit is infrastructure – it’s older in the cities. Water, power, sewer service: you have to look carefully at those items.

GlobeSt.com: How do these challenges apply to what you’re doing with Parkway Lofts?

Gibson: They apply in every way. Our power company, PSE&G, was very cooperative with us, and we had to look at the electric grid to make sure we could support the existing building. The answer, happily, was yes. Coordination becomes quite involved with the electric companies. Regarding water services – in some towns, you may have to rebuild the water infrastructure with the water company to support your new project. Even though it’s an existing building, the standards were different at the turn of the century.

GlobeSt.com: How do you balance maintaining an iconic structure while updating it for today’s needs and codes?

Gibson: In the case of Parkway Lofts, it looks very pretty driving down the Garden State Parkway, with the brickwork and concrete details. But up close, there are many issues with the brick that have to be repaired. The concrete is aging and in some cases needs significant repairs. Our timeline is to restore this for another 100 years. What also gets complicated is changing standards, for example, energy codes. Our building has to perform at a certain level, so we have to pay a great deal of attention to the performance of the windows, insulation of the masonry walls. You have to pay attention to these details, because while the building will age, you want it to perform at a high level.

GlobeSt.com: Do you anticipate doing a lot more in New Jersey?

Gibson: We’re not 100% focused on New Jersey, but we are very focused on New Jersey.

GlobeSt.com: When will Parkway be complete?

Gibson: Approximately 22 months from this August. We do have a similar project not far away in West Orange, Edison Village.

GlobeSt.com: Is this ultimately more rewarding than ground-up development?

Gibson: It is for me, I think. It’s preserving something unique. Except for this project, I don’t know where you could buy a unit with 17-foot ceilings, and those tremendous views of Manhattan. I just don’t think you can find that anywhere else.

GlobeSt.com: And with the age of the building stock, you have plenty of opportunity?

Gibson: I hope so. I want to work a long time. But while there are many old buildings, you need specific dimensions. Many of the buildings are not going to allow reuse because of their basic geometry: they’re too deep, too far from sunlight, other types of problems.

GlobeSt.com: What are other benefits?

Gibson: One interesting aspect of the Parkway Lofts is that we’re not just changing a building – the whole neighborhood has changed. It was a pretty serious industrial area, and it’s going to be transformed. We just have one small part of it, but the area will have stores, shopping opportunities. We’re not just going to apply for LEED Existing Building credit, but there’s also a LEED Neighborhood certification we’re going to apply for that not many people do, because of this neighborhood transformation.