Exterior building restoration is almost complete at Edison Village in West Orange.
Prism Capital Partners’ industrial-to-residential redevelopment of the historic Thomas Edison Invention Factory and Commerce Center has progressed at a rapid pace, said Eugene Diaz, principal partner.
The village encompasses 21 acres on Main Street, in the heart of West Orange’s Downtown Redevelopment Area.
Phase I involves the total renovation and reconstruction of the 100-year-old factory complex, introducing 334 rental units and 18,400 square feet of retail with a supporting 630-space parking structure.
“This project has been discussed in West Orange for many years,” said West Orange Mayor Robert Parisi. “We are thrilled by the speed that things are happening. From the beginning, it was the township’s hope that this project would provide a much-needed facelift — aesthetically and economically — to that neighborhood, and become an important economic driver to the entire downtown. As the real estate market continues to improve regionally, we believe this project is poised to meet and exceed our expectations and have a significant impact on the township for years to come.”
Prism Capital Partners was appointed designated redeveloper for the property 10 years ago.
“Following extended delays, driven by litigation and the Great Recession, we are pleased to be moving forward so quickly in completing what we first set out to do,” Diaz said. “This project is a poster child for the benefits of persistence and a disciplined approach.”
The studio, one-, two- and three-bedroom, market-rate residences at Edison Village range from 590 to 1,500 square feet, with 20 penthouse duplex residences.
The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features to incorporate ceiling heights ranging from 14 to 16 feet and 10-foot replica replacement windows that will let in abundant natural light. Residents will have access to a private fitness center, indoor swimming pool, rooftop deck, personal and bike storage, meeting rooms, private dining room and doorman service, among other amenities. A mid-2018 opening is anticipated, with leasing commencing in January.
Edison Village’s retail component on the corner of Charles and Main streets is expected to be completed by the end of the year.
The Shoppes at Edison Village will include restaurants and cafe-style concepts with an interior plaza including a fountain that will be open to the public during the day.
“We have worked hard to design a project of incredible quality — one that celebrates the past while serving to anchor the future of this community,” said Prism’s Edwin Cohen, principal partner. “It is gratifying to see it coming to life.”
Prism secured full approvals this fall for the project’s Phase II, which will incorporate 230 for-sale townhouses.
The township’s Department of Public Works building will be relocated during the second phase, and Prism will extend Standish Avenue through the townhome site in order to improve traffic flow for the surrounding community. Infrastructure improvements will include new roads, sidewalks, street lighting and landscaping.