Connect Commercial Real Estate
Prism Capital Partners LLC of Bloomfield, NJ has begun work on Edison Village, a $230 million, 21-acre redevelopment on the site of Thomas Edison’s last factory in West Orange, NJ. Edison Village’s first phase will consist of 330 rental apartments and 18,500 square feet of retail space. Also in the plan is parking and streetscape improvement.
West Orange adopted a redevelopment plan for the 21-acre site in 2003, designating Prism Capital as the developer. The plan was derailed because of the recession and a lawsuit challenging the town’s decision to issue $6.3 million of municipal bonds for infrastructure improvement. The State Supreme Court upheld a lower-court ruling in favor of the town, clearing the way for development.