WEST ORANGE, N.J. — Prism Capital Partners is preparing to kick off construction of the 21-acre Edison Village, a $230 million adaptive reuse project in West Orange Township. The project will feature the addition of 331 residential units, 18,000 square feet of retail space and a parking structure. The project is an industrial-to-residential transformation of the historic Thomas Edison Invention Factory and Commerce Center.
The transformation is the largest non-waterfront adaptive-reuse development in New Jersey. The township named Bloomfield, N.J.-based Prism the designated redeveloper of the project back in December 2006. The company completed a large portion of demolition and site work in 2008 prior to the recession and received the go-ahead to resume the development in fall 2012.
“Since industrial structures of this type are few and far between in suburban New Jersey, Edison Village truly represents a distinctive project,” says Edwin Cohen, principal partner of Prism. “The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features to incorporate ceiling heights ranging from 14 feet to 16 feet and 10-foot windows that will let in abundant natural light.”
Thomas Edison constructed the factory complex in 1913, and it served as the manufacturing operation site of storage batteries, automobiles, railroad signals, industrial applications and mining equipment until 1965. Phase I will totally renovate and reconstruct the facility.
The residential units will range from 590 square feet to 1,500 square feet. Resident amenities will include a private fitness center, swimming pool, personal/bike storage, meeting rooms and doorman service. The project will be developed to achieve LEED certification and will feature parks and open green spaces in the development.
The retail component will be known as The Shoppes at Edison Village, which will be located on the corner of Charles Street and Main Street. Phase II of the development will involve developing more than 300 additional residential units.
“Main Street is the heart of West Orange and the most vivid and authentic expression of our history and culture,” says West Orange Mayor Robert Parisi. “Its redevelopment gives us the opportunity to create an exciting downtown in an area that has been neglected for too long. Prism set the direction by creating the best implementation strategies for achieving the community’s vision, while protecting and preserving the historic resources of the township.”
Edison Village is located adjacent to the newly refurbished Edison National Historic Site and museum. The redevelopment includes a payment in lieu of taxes (PILOT) program, which is tied to the financial agreement for Phase I. The PILOT program helps offset losses in property taxes due to nontaxable federal lands within their boundaries, according to the U.S. Department of the Interior.
“(Edison Village) is bringing substantial benefits to the Township of West Orange,” says Cohen. “Edison Village also is contributing significantly to the regeneration of the neighborhood. Its attractive new residences will bolster property values, and the new population in this revitalized area is expected to generate some $10 million of additional local retail spending annually.”
Prism is an experienced owner/operator of regional commercial real estate. Prism was founded in 2002 and has experience in the adaptive reuse of historic properties. Currently, Prism is overseeing the industrial-to-residential redevelopment of a 115-year-old former General Electric building in Bloomfield.
— John Nelson