Interview with Dan Brenna
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Link to 20 Swan.com |
Dan Brenna is a mild-mannered guy who sports jeans and boots rather than the $1000 suits his Wall Street background might suggest. While Brenna still lives in New York, he loves his reverse commute on the train to Trenton where he can then walk to his office and where he keeps a pick-up with a radio tuned to country music. Brenna left Wall Street looking for better investments and found them in Trenton where he's been buying and renovating apartment buildings for several years.
In an interview for Trenton Lofts, Mr Brenna discussed the Ice House project and what he sees as Trenton's potential
Brenna bought 20 Swan St. (aka The Ice House) in 2002 which until 2000 had still housed a working Ice Factory. Since then, his company, Trenton Development Group has transformed the site, which includes a carriage house formerly used for the nearby Roebling Wire Works site and a large ice warehouse, into 19 luxury lofts.
Part of the original building that housed the ice making machinery had to come down to make room for secure parking. Remaining was the huge ice warehouse which at one time was lined with cork for insulation. The warehouse building now holds 14 one and two bedroom units. The carriage house holds 5 two story condos with skylights and 24 foot ceilings. All of the units have plenty of closet space, high end kitchen cabinets, stainless steel appliances and finely finished bathrooms. There's a beautiful model unit that buyers can see which gives a good idea of how great an entertaining space these condos can be.
The Ice House is a perfect example of the small scale redevelopment Trenton needs to attract and keep urban dwellers. As Brenna points out, loft owners are within 2 blocks of four of the most famous Italian restaurants in the state and next door to perhaps the best pizza place in the nation (DeLorenzo's Tomato Pie on Hudson actually does have a Zagat's rating). The building is walking distance to the train station and yet is located in Chambersburg which still has a neighborhood feel to it.
The Ice House is a quality project. In fact, everything in the building is new (except the bricks). To be able to offer a sound investment for homeowners, Trenton Development gutted both buildings and put in new foundations, roofs, electrical, gas heat, central air, cable and everything else in between. The property will have professional property management resulting in an environment that will carefree for owners.
I asked Dan who had bought units so far and as expected it's empty nester and young professionals. Dan pointed out that 70% of households in America don't have kids (I didn't know that). We both agree that Trenton will be best served by projects like this that provide an upscale space that attract his target demographic. Let's face it, Trenton's schools aren't that great and this can be a fun town to live in without kids.
Trenton Development is looking down the road at its next project, The Cigar Factory on Division St. However, Dan's in no rush to get started as he wants to finish up The Ice House, sell the last few units (five left) and digest the lessons learned.
Another thing that Dan and I agree on is the prospect for development in Trenton. With a business friendly environment and a can do attitude, Trenton's fortunes could turn on a dime. With a few adjustments, Trenton could be turned upside down by developers and new businesses. This is a hopeful assessment for Brenna as he's not looking to leave anytime soon.