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Prism putting finishing touches on Edison Lofts building at Edison Village in Downtown West Orange, N.J.
mhpmag.com
April 11, 2018
Original Article

This spring, Prism Capital Partners' is putting the finishing touches on the Edison Lofts building at Edison Village, its industrial-to-residential redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange, N.J. This first phase of redevelopment features 334 rental units, including The Mews at Edison Lofts, a collection of 34 one- and two-bedroom new construction homes, which are ready for immediate occupancy.

Edison Village represents the largest non-waterfront adaptive-reuse project in New Jersey, encompassing 21 acres on Main Street in the heart of West Orange Township's Downtown Redevelopment. In addition to the residential component, Phase I features 18,400 square feet of retail space and a 650-space parking structure.

"From the outset, our reimagining of this 100-year-old site centered on preserving a treasured piece of New Jersey's history while creating both a unique place to live for future residents of Edison Village and a cornerstone of economic growth in West Orange's Downtown Redevelopment area," said Prism's Edwin Cohen, principal partner. 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.

The completely renovated and reconstructed 100-year-old factory, known as the Edison Lofts building, introduces 300 studio, one-, two- and three-bedroom market-rate residences, ranging from 590 to 1,500 square feet, and 20 penthouse duplex residences. The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features of the historic factory to incorporate 14- to 16-foot ceiling heights and 10-foot replica replacement windows that will let in abundant natural light.

"We are very pleased that the final stages of redevelopment work on the Edison Lofts building are nearing completion, and we expect to take first occupancy in the building in early summer," added Cohen. "At The Mews, leasing activity is in full swing, and we have welcomed our first residents."

The 34 one- and two-bedroom new construction homes at The Mews feature spacious layouts and are situated above 18,000 square feet of ground-floor retail space. The market-rate residences, which range from 796 to 1,336 square feet, boast designer kitchens with high-end finishes, including granite countertops, stainless steel appliances and wood detailing throughout. Monthly rents start at $2,100.

Amenity-rich living at Edison Village

Life at Edison Village will feature a wide range of amenities. Residents of The Mews and Edison Lofts building will have access to a private fitness center with sauna, indoor swimming pool, personal and bike storage, media/screening room, business center, private dining room, storage components, doorman and concierge service, among other amenities, such as covered parking and a dog wash. The property also features a rooftop indoor/outdoor lounge with sweeping views of the Manhattan skyline, park-like green spaces and landscaped grounds throughout the community. Convenient shuttle service will be available to the Orange Train Station for a quick commute into Manhattan.

Edison Village's retail component on the corner of Charles Street and along Main Street will provide current and future residents with a new in-town shopping and dining experience featuring restaurants and café-style concepts at The Shoppes at Edison Village. An interior plaza with a cascading fountain will be open to the public during the day. "We are currently in talks with a multitude of prospective tenants and our retail leasing campaign is well underway," added Cohen.

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. The newly refurbished Edison National Historic Site and museum also is located adjacent to the property. The site is bounded to the west by the historic Llewellyn Park, one of New Jersey's premier gated communities.

Prism has secured full approvals for the project's Phase II, which will incorporate 230 for-sale townhouses. During Phase II construction, poised to begin during Phase I leasing, the Township's DPW building will be relocated, and Prism will extend Standish Avenue through the townhome site in order to improve traffic flow for the surrounding community. Infrastructure improvements will include new roads, sidewalks, street lighting and landscaping.