Former Car Dealership Site to Become Mixed-Use, Transit-Oriented Community
WOODBRIDGE, N.J., Dec. 2, 2019 – Prism Capital Partners this month launched construction for 10 Green Street at the Woodbridge train station. The five-acre redevelopment parcel, located at the corner of Rahway Avenue and Green Street in Woodbridge, will become a mixed-use, transit-oriented community consisting of 232 apartments and 12,000 square feet of retail space.
Prism, in a joint venture partnership with The Northwestern Mutual Life Insurance Company, earlier this year purchased the former Lucas Chevrolet dealership site. The property sits in the heart of Woodbridge’s walkable downtown, next to Woodbridge Station. 10 Green Street will feature a mix of studio, one-, two- and three-bedroom homes. In addition to the street-level service retail, residents will enjoy a host of amenities including a community room with kitchen and bar, fitness center, outdoor pool, patio with grills and firepits, package room, conference room, and covered parking.
According to Prism’s Edwin Cohen, principal partner, 10 Green Street responds to sustained demand for transit-oriented multifamily. “Train access and lifestyle amenities – both in-building and within dynamic downtowns – are top-of-mind for today’s renter,” he noted. “This location checks every box in a community that is embracing smart growth initiatives.
Cohen added that transit-served communities like Woodbridge continue to hold great real estate potential. “Projects like 10 Green Street bring new residents, support existing businesses and attract new commerce,” he said. “These are the keys to ensuring that New Jersey’s suburban downtowns thrive for decades to come.”
Prism Capital Partners is an established leader in the redevelopment and adaptive reuse arena. The Bloomfield, N.J.-based, privately held owner/operator recently completed Edison Village, the mixed-use redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. In Hoboken, Prism’s conversion of the former Wonder Bread factory into multifamily also is underway.