Achievement Coincides with Formal Completion of Thomas Edison Factory Transformation in West Orange, N.J.

Prism Capital Partners has announced the 100th lease signing at The Residences at Edison Lofts in Edison Village. The milestone coincides with the formal completion of construction at The Residences – a former crumbling, 400,000-square-foot factory that today serves as the centerpiece of Prism’s adaptive reuse of the Thomas Edison Factory and Commerce Center property on Main Street in West Orange.

Prism’s efforts have transformed the 100-year-old factory building and surrounding grounds into a mix of residential and retail components. “Edison Village has become a vibrant community, attracting interest locally and from the surrounding area, as well as renters from out of state,” said Prism’s Edwin Cohen, principal partner. “There is nothing else like it – from the unique historical setting to the full suite of modern amenities. This distinctive nature and price point compared to those on the Hudson waterfront has contributed to sustained brisk leasing here.”

Prism recently put the finishing touches on amenity spaces and unveiled 21 penthouse homes at The Residences at Edison Lofts. Its 300 studio, one-, two- and three-bedroom homes take advantage of original architectural features, incorporating 14- to 16-foot ceiling heights, and eight- and 10-foot replica replacement windows.

“The design, by Minno & Wasko Architects and Planners, respects federal guidelines on the renovation and rehabilitation of historic buildings,” Cohen said. “At the same time, the Residences at Edison Lofts features an extensive range of modern lifestyle features.”

This includes a recently completed theatre and media screening room, a 5,000-square-foot private fitness center with Peloton bikes, heated indoor pool, sauna, personal and bike storage, a dog-washing station, and concierge service. In addition, Edison Village is opening a self-serve, “man-less” café, in which residents will pay for items with a key fob. The property’s 12,000-square-foot rooftop indoor/outdoor Sky Lounge boasts 360-degree unobstructed views of the Manhattan skyline and includes a private dining room with catering kitchen. As the weather warms up this spring, the outdoor deck will open, offering a mix of seating, firepit and barbeque grills.

Edison Village also includes The Mews at Edison Lofts, a boutique collection of 34 one- and two-bedroom homes over 18,400 square feet of retail, and a 630-space parking structure.

Celebrating with the West Orange Community

Edison Village celebrates West Orange’s rich history while serving to anchor the future of this community, according to Cohen. “From the beginning, it was the Township’s hope that this redevelopment would provide a much-needed facelift – aesthetically and economically – to this neighborhood,” he said. “We also set out to provide a key economic driver for the entire downtown, which was seemingly left stuck in the old industrial past. That dream has become a reality.”

Members of the West Orange Town Council and the Downtown West Orange Alliance recently visited Edison Village in celebration of the Edison Lofts completion. “These local stakeholders have been enthusiastic about the redevelopment project in the heart of their downtown,” said Cohen, who conducted a property tour for the group. “It was our pleasure to share the finished product with those who have supported us and who will be our ongoing partners in the revitalization of this community.”

Prism’s redevelopment has included new sidewalks and street lighting to enhance walkability and biking in the area. The urban landscape also features both parks and open green spaces, designed to further foster outdoor activities. Vast infrastructure updates have included upgrades to the water, sewer and electric, and roadways are being connected through the project to integrate it with the surrounding residential neighborhoods.

The diverse range of housing choices at Edison Village meets the needs of current and future residents of all ages, from Millennials to empty nesters and families. Edison Village’s second phase, which is set to launch in late 2019, will further expand these opportunities by incorporating approximately 60 affordable housing units out of the approximately 230 additional residences, slated as for-sale townhomes.