Articles
current | archive
Prism Capital Partners Launches Edison Village Redevelopment in West Orange
newyork.citybizlist.com
April 22, 2016
Original Article

The much-anticipated industrial-to-residential redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange is underway, announced Prism Capital Partners. The Bloomfield, N.J.-based real estate owner/operator will introduce 333 rental units, 18,400 square feet of retail and a 630-space parking structure in Phase I of Edison Village.

The project represents the largest non-waterfront adaptive-reuse redevelopment project in New Jersey. Edison Village encompasses 21 acres on Main Street, in the heart of West Orange Township's Downtown Redevelopment Area. The site is bounded to the west by the historic Llewellyn Park, one of New Jersey's premier gated communities. The newly refurbished Edison National Historic Site and museum also is located adjacent to the property.

Phase I of Edison Village involves the total renovation and reconstruction of the 100-year-old factory complex. "Since industrial structures of this type are few and far between in suburban New Jersey, Edison Village represents a truly distinctive project," noted Prism's Eugene Diaz, principal partner. "The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features to incorporate ceiling heights ranging from 14 to 16 feet and 10-foot replica replacement windows that will let in abundant natural light."

The studio, one, two and three bedroom, market-rate residences will range from 590 to 1,500 square feet, with 20 penthouse duplex residences. Residents will have access to a private fitness center, swimming pool, rooftop deck, personal and bike storage, meeting rooms, and doorman service, among other amenities. A mid-2018 opening is anticipated.

Edison Village's retail component – expected to be completed in mid-2017 – will be constructed on the corner of Charles Street and along Main Street, providing current and future residents with a new in-town shopping experience at The Shoppes at Edison Village. "We will be introducing restaurants and café-style concepts," Diaz said. "An interior plaza with a fountain will be open to the public during the day."

The project's Phase II will incorporate 230 townhouses. An additional 20,000 square feet of retail could include an urban grocery concept.

Phase I of Edison Village involves the total renovation and reconstruction of the 100-year-old factory complex. "Since industrial structures of this type are few and far between in suburban New Jersey, Edison Village represents a truly distinctive project," noted Prism's Eugene Diaz, principal partner. "The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features to incorporate ceiling heights ranging from 14 to 16 feet and 10-foot replica replacement windows that will let in abundant natural light."

The studio, one, two and three bedroom, market-rate residences will range from 590 to 1,500 square feet, with 20 penthouse duplex residences. Residents will have access to a private fitness center, swimming pool, rooftop deck, personal and bike storage, meeting rooms, and doorman service, among other amenities. A mid-2018 opening is anticipated.

Edison Village's retail component – expected to be completed in mid-2017 – will be constructed on the corner of Charles Street and along Main Street, providing current and future residents with a new in-town shopping experience at The Shoppes at Edison Village. "We will be introducing restaurants and café-style concepts," Diaz said. "An interior plaza with a fountain will be open to the public during the day."

The project's Phase II will incorporate 230 townhouses. An additional 20,000 square feet of retail could include an urban grocery concept.

"This sophisticated redevelopment includes a PILOT program tied to the financial agreement for Phase I, bringing substantial benefits to the Township of West Orange," said Prism's Edwin Cohen, principal partner. "Edison Village also is contributing significantly to the regeneration of its neighborhood. Its attractive new residences will bolster neighboring property values, and the new population in this revitalized area is expected to generate some $10 million of additional annual retail spending in West Orange." Infrastructure improvements will include new sidewalks and lamp posts. During Phase II, Prism will extend Ashland Avenue into the townhome site in order to improve traffic flow for the surrounding community.

Built in 1913 by Thomas Edison, the factory complex on the site of Edison Village for decades served as a manufacturing operation where Edison employees produced storage batteries used in light delivery vehicles, automobiles, railroad signals, industrial applications and mining equipment. Those operations ceased in 1965.

Prism Capital Partners is an experienced real estate owner/operator with a proven track record of creating value through select real estate investments and developments. This includes in-depth involvement in the adaptive reuse sector. In Bloomfield, the firm transformed an obsolete, c. 1915, former General Electric Company industrial property into a distinctive, high-density residential village. Phase I of Parkway Lofts included the creation of 365 loft-style apartments; the highly successful project opened in fall 2013. Now, Prism is gearing up to launch Phase II, featuring approximately 160 for-sale townhomes, a clubhouse and other lifestyle amenities.