The Parkway Lofts Phase 2
Prism Capital Partners is gearing up to launch construction of 160 for-sale townhomes, a clubhouse and other lifestyle amenities as Phase II of its award-winning Parkway Lofts project.
Located on the Garden State Parkway with extraordinary visibility, the Parkway Lofts site provides residents with immediate access to the GSP as well as high-speed rail service to New York City via the Watsessing Avenue Rail Station, located less than 100 yards from the development.
Parkway Lofts represents not only a major transformation of an iconic, but dated, industrial property, but the rebirth of an entire neighborhood. Prism acquired the 14.5-acre Parkway Lofts site in 2005, capitalizing on a great opportunity to take an obsolete industrial property and with it create luxury, high-density housing.
The General Electric Company in 1913 built the landmark, six-story warehouse that Prism redeveloped into 365 loft-style apartments as Phase I of this signature multi-family adaptive reuse project. Featuring a 377-acre parking garage and lifestyle amenities such as a two-level fitness center, 20-seat screening theater, roof-top deck and billiard/party room, Parkway Lofts Phase I opened in fall 2013. In 2015, Prism sold Phase I to Clarion Partners, concluding an advantageous investment and development cycle.
Already, this distinctive gated residential community reflects the potential of infill redevelopment in New Jersey. Ultimately, Parkway Lofts serves as an icon in New Jersey’s growing adaptive reuse movement, which is working to preserve the state’s history while setting the stage for its future. The project was made possible by Prism Capital Partners’ vision, quality design and exacting standards, as well as exemplary cooperation and commitment by the many individuals and organizations affiliated with the redevelopment.