Prism Breaks Ground for The Parkway Lofts Adaptive Reuse
Phase I will Transform 114-Year-Old Warehouse into Loft-Style Apartments.
- New York, NY (1888PressRelease) December 20, 2011 - Commercial real estate owner/operator Prism Capital Partners, LLC, has broken ground for Phase I at The Parkway Lofts, a high-profile, multi-family adaptive reuse in Bloomfield and East Orange. The milestone marks the launch of a signature redevelopment for the State of New Jersey, according to Eugene Diaz, a principal partner with Prism.
Located with high visibility on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility. At build out, the 14.5-acre site will be transformed into a distinctive, high-density residential village also featuring 150 for-sale townhomes, a clubhouse and other lifestyle amenities to be built as part of Phase II.
Prism acquired the property - originally built by General Electric - in 2005. It sits within a residential area and benefits from immediate access to the Garden State Parkway, 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).
"We saw a great opportunity to take this obsolete industrial property and transform not only the structure, itself, but the entire neighborhood into a thriving, urban-living community," noted Prism's Edwin Cohen, principal partner. "We are establishing a destination here as much as we are creating attractive, modern residences."
The design takes advantage of the building's 17-foot floor-to-floor ceiling heights and heavy floor loads; Prism is adding a new intermediate second floor and a penthouse level. The firm also is preserving many original architectural features. This includes 15-foot, quilt-panel windows that accentuate the property's breathtaking views of New York City to the east and the Watchung Mountains to the west.
According to Diaz, The Parkway Lofts illustrates the value of adaptive reuse in the Garden State, which houses a sizable inventory of older industrial space. "It reflects the great opportunities for infill redevelopment in New Jersey," he said. "In cases like The Parkway Lofts, companies like ours are working to preserve our state's rich history while setting the stage for its future. This type of project is particularly gratifying in that respect."
Headquartered in Englewood, N.J., Prism also is designated redeveloper for Edison Village, a master-planned project in West Orange, N.J. That project's first phase will include the adaptive reuse of the historic Thomas Edison Invention Factory and Commerce Center, including a total renovation and reconstruction of the nearly 100-year-old factory complex.
Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential markets. Since its inception in 2002, the firm has orchestrated the repositioning of an impressive list of properties and projects.
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