Prism Capital Partners in the fall of 2018 received site plan approval for the adaptive reuse of a five-acre parcel at the corner of Rahway Avenue and Green Street in Woodbridge into a mixed-use, transit-oriented community. It will consist of 232 apartments, including 35 apartments reserved for low- and moderate-income residents and 12,000 square feet of retail space on the former Lucas Chevrolet dealership property. The project is well-positioned for success as the appetite for multifamily rental – especially transit-oriented product – continues to exceed supply throughout New Jersey and nationwide.
Prism in 2015 entered into an agreement to purchase a controlling interest in the site targeted for redevelopment by the Township of Woodbridge, which is experiencing a renaissance. The property sits in the heart of its walkable downtown, right next to Woodbridge Station, and is an ideal spot for luxury, fully amenitized apartment homes.
Construction is set to begin in spring 2019.