essexnewsdaily.com
Original Article
NUTLEY, NJ — Prism Capital Partners, the real estate investment company that purchased 116 acres left behind following the departure of the Switzerland-based, Hoffmann-La Roche pharmaceutical company, is asking the Nutley and Clifton communities what they want to see fill the empty remains.
Calling the site ON3 for its proximity to Route 3, the five buildings located on the property sit on the border of Nutley in Essex County and Clifton in Passaic County, fronting Kingsland Street.
Currently, only two tenants have formally signed a lease to reside within three buildings on campus: Seton Hall-Hackensack Meridian Graduate School of Medicine; and Modern Meadow, a biofabrication company that produces animal-friendly leather.
With two unoccupied buildings remaining and acres of space on site, Prism is probing the community regarding what they want to see in the development.
“Feedback has been very strong and positive toward seeing the site redeveloped. No one has said leave it vacant,” principal partner of Prism Capital Partners Eugene Diaz told the Nutley Journal over email on Jan. 12.
While the former Hoffmann-La Roche campus closed about five years ago, at the apex of the company’s success, the site consisted of approximately 4 million square-feet of general office, manufacturing, and research and development facilities. The company was also known to have employed nearly 9,000 people.
Photos by Jenny Goldberg
Named for its proximity to Route 3, bordering Clifton and Nutley, the ON3 site is seeking high-quality corporations and businesses to relocate to the former Hoffmann-La Roche campus.
After closing, a Prism affiliate, PB Nutclif I LLC, purchased the vacant campus in October 2016, which became slated for a “multi-tenant, next-generation lifestyle hub,” according to the ON3 website.
Diaz told the Nutley Journal that ON3 wants to attract “high-quality corporations.”
“Overwhelmingly, people are looking to see a mix of uses on the site that will provide opportunities for local people to take advantage of throughout the day, such as restaurants, shops, leisure amenities and business jobs with top-rate companies,” he added.
There is also interest in hotels and various types of housing, Diaz said, which has been expressed with a special emphasis on assisted living.
According to Diaz, Prism will present plans to the municipalities, hopefully by the summer.
In July 2016, Seton Hall University and Hackensack Meridian Health signed a 25-year lease for 16-acres, including two major research and developments buildings, building 123 and 123A.
The two buildings will host the new School of Medicine, as well as Seton Hall College of Nursing and School of Health and Medical Sciences, which will be relocated from the South Orange campus, according to a Jan. 19 press release issued by Nutley Township Mayor Joseph Scarpelli. In addition, Seton Hall research facilities are expected to occupy the other non-academic floors of the buildings.
Moving forward with Seton Hall’s relocation, the Nutley Planning Board gave preliminary approval to the medical school’s parking, calling for 465 permanent parking spaces, 55 on-site, on-street spaces, and 196 temporary spaces in the township, Scarpelli wrote in his release.
The other tenant, Modern Meadow, currently occupies 73,000 square-feet of building 102 and has been on site since August.
With two buildings still vacant, Scarpelli told the Nutley Journal that negotiations to fill ON3 haven’t gone far, but there are contemplated negotiations for the site.
Ralph Lauren Corp., headquartered in New York City, is a potential tenant, Scarpelli said.
In November Ralph Lauren Corp. received a grant from NJ Economic Development Authority for $33.1 million for a 10-year term to relocate to Nutley in a 255,000 square-foot space.
“They plan on retaining 518 jobs in the state and creating another 250 positions,” Scarpelli wrote in the Jan. 19 press release.
LocalSource reached out to Ralph Lauren on Jan. 17, but they declined to comment.
Additionally, Quest Diagnostics, a provider of clinical laboratory services, also received an NJ EDA grant for $55 million in tax credits. Quest Diagnostics “pledged to create 384 new jobs in their move from Madison to ON3 in Clifton,” Scarpelli’s press release read.
However, spokesman for Quest Diagnostics, Danny Moynihan, told the Nutley Journal that they are looking to relocate to Clifton, but no final decisions have been made.
“We have been exploring alternative options,” Moynihan said.
While there is uncertainty on what will be built throughout the rest of the site, Scarpelli told the Nutley Journal that development is certain, and will financially benefit the community.
Scarpelli noted that developing ON3 will increase rateables and increase property values in Nutley.
“With 2,500 people there a day in medical school and at modern meadow, it will spill into our local economy and provide jobs for our people,” he said.