Bloomfield-based Prism Capital Partners has completed its formal site plan submission on the adaptive reuse of a 5-acre parcel of land in Woodbridge, it announced Tuesday.
The site, located at the corner of Rahway Avenue and Green Street, will turn into a mixed-use, transit-oriented, multifamily community with 232 apartments and 12,000 square feet of retail space.
In 2015, Prism said it agreed to purchase a controlling interest in the site, which had been targeted by the town for redevelopment.
“We are eagerly anticipating the commencement of construction,” Eugene Diaz, a principal partner with Prism Capital Partners, said. “The appetite for multifamily rental – especially transit-oriented product – continues to exceed supply throughout New Jersey and nationwide.”
Diaz said the project is well-positioned for success.
“The town of Woodbridge is experiencing a renaissance, and this property sits in the heart of its walkable downtown, right next to Woodbridge Station,” he said. “It is a perfect spot for luxury, fully amenitized apartment homes.”
