Prism Project Reflects Potential of Historic Preservation in New Jersey
WEST ORANGE, N.J., Nov. 12, 2019 – Urban Land Institute Northern New Jersey (ULI NNJ) this month honored Prism Capital Partners’ Edison Village with its 2019 Excellence Award, residential category. Encompassing 21 acres in the heart of the West Orange Downtown Redevelopment Area, this smart-growth project centers on the industrial-to-residential-and-retail reimagining of the 100-year-old Thomas Edison Invention Factory and Commerce Center.
“Edison Village reflects the potential of historic preservation projects and infill redevelopment in New Jersey and nationwide,” said Prism’s Edwin Cohen, principal partner. “It is an example of urban smart growth at its finest and stands to honor West Orange’s – and New Jersey’s – rich history while serving as a key economic driver of this community and Essex County as a whole. We thank ULI NNJ for honoring the project with this well-respected award.”
The completely reimagined Edison factory, now known as the Residences at Edison Lofts, features 300 studio, one-, two- and three-bedroom homes. Designed by Minno & Wasko Architects and Planners, the building combines modern, high-end finishes with original architectural highlights. Edison Lofts’ comprehensive amenities include an indoor swimming pool, sauna, 5,000-square-foot fitness center, expansive indoor/outdoor rooftop lounge, media/screening rooms, self-serve café, doggie spa, shuttle service to local train stations and more.
With leasing at a brisk pace, homes at The Residences are already more than 60 percent leased, and the continued momentum is re-energizing downtown West Orange. The Edison Village project also included the development of 18,400 square feet of retail, a 630-space parking structure and The Mews at Edison Lofts, a boutique collection of 34 one- and two-bedroom homes with limited remaining availability.
ULI NNJ is a multidisciplinary real estate nonprofit research and education organization. Bestowed annually, its Excellence Awards celebrate the extraordinary projects and people that have defined the region’s real estate landscape over the last year. ULI NNJ also honored Prism Founder Eugene Diaz with a 2019 Excellence Award for real estate leadership.
The multiple-award-winning Edison Village project has also been recognized by the International Concrete Repair Institute, GlobeSt., Real Estate Forum, Commercial Construction and Renovation, and Mid-Atlantic Real Estate Journal.
Based in Bloomfield, N.J., Prism Capital Partners is an established leader in the industrial-to-residential redevelopment and adaptive reuse arena throughout the state. Additional projects in northern New Jersey currently include the privately held owner/operator’s conversion of the former Wonder Bread factory in Hoboken into multifamily, which is well underway.