WEST ORANGE, NJ – As Phase I of the Edison Village project approaches completion, its developer, Prism Capital Partners, has asked the West Orange Township Council to authorize its downtown redevelopment Phase II plan. The council passed several authorizations at its meeting on Tuesday to allow Prism to proceed with its plan that will ultimately create 252 market-rate residential units and 44 affordable family-rental units in the downtown area.
During the meeting, the council authorized the redevelopment agreement with Prism, as well as the infrastructure construction agreement. In addition, it authorized the tax exemption for affordable units and adopted the financial agreement ordinances and non-recourse bond resolution that are needed to help fund the project. The total project cost for all four stages of the Phase II redevelopment will be more than $103,000,000.
Among the highlights of Phase II will be the creation of two-and three-bedroom upscale apartments ranging in size from 1,160 square feet to 1,860 square feet. Prices will range from $350,000 for the two-bedroom apartment to approximately $460,000 to $500,000 for the three-bedroom apartment. There will also be a clubhouse and pool included in the Phase II plan.
It is estimated that the 44 Council on Affordable Housing (COAH) units will have approximately 110 residents with 22 projected public school children.
Twenty-two of these units will be available to people with moderate income ($47,600 to $68,000 depending on family size). Sixteen units will be available to people with a low income ($33.000 to $47,100 depending on family size). Six units will be available to people with a very low income ($19,800 to $28,250 depending on family size).