Bloomfield, N.J.–New Jersey’s Bloomfield and East Orange townships have approved the site plan for the first phase of Prism Capital Partners L.L.C.’s multifamily adaptive reuse project that will occupy more than 20 acres in Bloomfield. Now the real estate company can take the next step in the development of The Parkway Lofts, a 355-residence apartment project that will occupy part of the site and cost approximately $60 million to complete.
Prism will transform a historic 365,000 square-foot industrial complex, originally developed by Westinghouse Electric Co. in 1897, to make way for Parkway’s loft-style units. The company will maintain some of the architectural elements of the original six-story structure, particularly the 15-foot quilt-panel windows.
“As an adaptive reuse project, we are able to provide a style of unit that’s not available anywhere else in the market today,” Eugene R. Diaz, principal with Prism, tells MHN. “It will have tremendous light, tremendous space and tremendous volume. It will be a luxury-style building at moderate prices with very unique units.” Additionally, the property’s location is highly desirable. It sits just off the Garden State Parkway and is within 100 yards of high-speed rail service to New York City.
However, Parkway’s distinctive architectural features and prime location are not the only factors that Prism expects will lure renters. There is the issue of need. “Northern New Jersey has been under-built and undersupplied for quite some time,” Diaz said. “And the demand has only grown with the shrinking of homeownership.”