Work has started on a Theater District adaptive reuse project. Third Nature Capital is converting the long-vacant building at 505 Pearl Street into 53 apartments and commercial space. CJS Architects prepared the plans for the work.
There would be 2,165 sq.ft. of commercial space, a residential lobby and two one-bedroom and one two-bedroom apartment with 729 sq.ft. of living space on the first floor. An additional 4,414 sq.ft. of commercial space would be located on the basement level. Floors two through six would each have ten, one-bedroom apartments ranging in size from 433 to 577 sq.ft.
A fitness center, tenant lodge and outdoor deck will be added to the building’s roof level.
Third Nature Capital purchased the six-story, 42,000 sq.ft. building in December 2023 for $1.4 million. It was constructed for Byers Companies for film distribution and storage. The building is also known as the Saturn Rings Building, named after a long-time jewelry manufacturer that occupied the building.