"Explosive" Milestone Marks Progress at Prism's Parkway Lofts
Smokestack Implosion Event Provided Opportunity to Showcase Transformation.
- Bergen-Passaic, NJ (1888PressRelease) December 05, 2012 - In an "explosive" milestone, the iconic smokestack on Prism Capital Partners' Parkway Lofts property came down on Saturday in a planned implosion. (L-R) Prism Principal Partner Eugene Diaz, Bloomfield Mayor Raymond J. McCarthy and Prism Principal Partner Edwin Cohen were among those in attendance, as well as colleagues, other dignitaries and friends.
The $90 million redevelopment project involves a benchmark industrial-to-residential adaptive reuse of the 115-year-old former General Electric Company property that signals Garden State Parkway Exit 148 for millions of New Jersey travelers each year. "The implosion provided a great opportunity for us to show our guests the progress at Parkway Lofts, which is on track to welcome its first renters in Summer 2013," Cohen said. "The building has transformed so naturally - it was almost as if the architect who designed it foresaw its future potential for residential."
The General Electric Company in 1897 built the landmark, six-story warehouse that Prism is redeveloping into 361 loft-style apartments catering to the region's underserved middle-market renters. "Parkway Lofts represents not only the transformation of an iconic, but dated, industrial property, but the rebirth of an entire neighborhood," Diaz added. "It makes a great study of New Jersey 'smart growth' at its best."
The design meets LEED-certification standards and utilizes the structure's 17-foot floor-to-floor ceiling heights. Industrial design elements complement new, 13-foot historical replica windows and other original architectural features. Prism also is building a three-level parking facility during Phase I of the project. Upon completion, the property will be a distinctive, high-density residential village also featuring approximately 170 for-sale townhomes, a clubhouse and other lifestyle amenities, to be built as part of Phase II.
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