Business & Finance

Prism Announces Start of West Orange Edison Village Project

e419b1f3d970206aadce_Main_Street_View.jpg
Credits: Prism
e419b1f3d970206aadce_Main_Street_View.jpg

WEST ORANGE, NJ - Prism Capital partners announced on Jan. 28 that they are moving ahead with the Edison Village Phase I Project.

Prism's project to launch their $230 million redevelopment project on the site of the Edison Battery Factory is set to begin in April.

Prism Capital Partners received approval from the town council and planning board in West Orange. Plans will include 331 apartments, retail space and parking. The financial arrangement with the township includes a payment-in-lieu-of taxes (PILOT) agreement.

Sign Up for E-News

The project is considered to be "the largest non-waterfront re-use development in New Jersey."

West Orange Mayor Robert Parisi called the company “faithful and loyal” to the community’s potential. "Main Street is the heart of West Orange and the most vivid and authentic expression of our history and culture," said Parisi. "Its redevelopment gives us the opportunity to create an exciting downtown in an area that has been neglected for too long.”

Thomas Alva Edison built the Thomas Edison Invention Factory and Commerce Center in 1913, and it was a working industrial center until 1965. Edison employees produced storage batteries used in light delivery vehicles, automobiles, railroad signals, industrial applications and mining equipment there.

Phase I of Edison Village will constitued the renovation and reconstruction of the factory.

"Since industrial structures of this type are few and far between in suburban New Jersey, Edison Village truly represents a distinctive project," said Prism's Edwin Cohen, principal partner. "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 windows that will let in abundant natural light."

According to Prism and the approved plans, the site includes 331 studio, one-, two- and three-bedroom rental apartments that will range from 590 to 1,500 square feet. The residents will have access to a private fitness center, swimming pool, personal and bike storage, meeting rooms and doorman service. The project is designed to meet LEED green building certification standards and includes parks and open green spaces on the 21-acre site.

The Edison Village's first phase also plans to include 18,000 square feet of retail space at the  corner of Charles and Main Streets. A 630-car parking area is also planned.

Phase II will add another 300 housing units.

"Edison Village is contributing significantly to the regeneration of the neighborhood,” said Cohen in reference to the PILOT agreement, which has been controversial. “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, based in Bloomfield, is also developing the 115-year-old former General Electric Company property to creat the  Parkway Lofts apartments

Controversy has surrounded the project as community residents attempted to block progress with lawsuits.  One lawsuit is still in appeal regarding their desire to establish a referendum vote for 6.3 million the town council approved for infrastructure development at Edison Village. The township is expected to recouped some of that funding.  However, that appeal does not deter the launch of the project, although it could affect the financing.

In addition to the appeal, Prism will still need to secure the approval of the Historic Preservation Commission. According to Prism they have been working with the State Historic Preservation Office in Trenton. Taxes and escrow, currently up to date, have been late over the past several months.  A report by township attorneys at the last town council meeting also reported that the township still required Prism's financial statements for 2012.  

 

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

West Orange

$100 OFF per Week for Summer Camp Now!

July 12, 2018

Guerrero Marital Arts is now offering an 8-week summer camp for summer 2018!

Pick which weeks you want!

Camp Weeks are:

July 16, July 23, July 30, August 6, August 13, August 20, August 27

Includes the following:

Fitness
Fun (through Sports, Play and Games)
Field Trips (may cost extra)
Life Lessons
Reading Time
Martial Arts
A great place to ...

Bucco Couture Summer Sale on All Custom Suits, Shirts and Casual Wear

NUTLEY, NJ — Save while looking sharp! 20% off all summer wear an extra 10% savings for Military, Veterans and all first responders at Bucco Couture, 187 Franklin Avenue in Nutley, with the launch of some new products such as our tracksuit line, crushed cotton drawstring pants and jeans. 

We also carry Bugatchi and Rober Graham casual wear as well as stretch high V-neck ...

Newark Lures Amazon With $1 Billion Payroll Tax Incentive

July 14, 2018

NEWARK, NJ - Amazon will get a payroll tax break at a cost of $1 billion to the city should the company open its second headquarters in Newark, according to one of two ordinances approved by the Newark City Council council to sweeten the deal for the corporate giant and stand out among other locations vying for Amazon’s so-called HQ2.

“The City Council has brought Newark a ...

Upcoming Events

Wed, August 15, 10:00 AM

Cancer Center Resource Room, Belleville

Living Well with Parkinson’s Disease Support ...

Health & Wellness

Carousel_image_04cbbf122cf5df3a3091_festival_b

Sat, August 25, 2:00 PM

Oskar Schindler Performing Arts Center (OSPAC), West Orange

LE PIQUE NIQUE WINE & MUSIC FESTIVAL

Arts & Entertainment Giving Back

West Orange PAL Spring Travel Baseball Teams Wrap Up (Championship Team Photos Included)

The West Orange PAL Spring Travel Baseball season started with a cold front. Practices began indoors in January with teams practicing two nights a week working on conditioning and baseball fundamentals. Once the snow had melted teams began battling the cold and working outdoors, with three or four practices a week in addition to their games. 

And the hard work and dedication paid off! All ...

Public Invited to Essex County Opioid Use Prevention Task Force Meeting

July 15, 2018

CALDWELL, NJ — All Essex County residents, mayors and councils, law enforcement members, school officials, clergy members, civic organizations and more are invited to join in the next Essex County Opioid Use Prevention Task Force meeting on Tuesday at 5:30 p.m. to discuss how the Essex County communities can join work together to eradicate this epidemic.

The meeting will be held at the ...

Would Shedding

How much wood wouldn’t a woodchuck chuck if a woodchuck could chuck woodn’t?

 

Enough already.  

 

I get it.  It is an easy mistake to make, misusing would and wouldn’t.  It happens to me all the time.

 

“Honey, when I said I didn’t see any reason why I would go to the ballet, I meant to say I couldn’t see ...

Extra Time

It was close to 70 minutes into the match and I had to go to the bathroom.  Badly.

As fans watching the World Cup know too well, bathroom breaks are a serious dilemma, especially for those who don’t have a TV in the loo.  This biological necessity is exasperated by beer, which during World Cup matches also fuels a strong propensity to throw chairs and instigate riots.