With the completion of a formal site plan submission, Prism Capital Partners is poised to move forward on the adaptive reuse of a five-acre parcel at the corner of Rahway Avenue and Green Street in Woodbridge.
The mixed-use Transit Oriented Community will have 232 apartments and 12,000 s/f of retail space on the former Lucas Chevrolet dealership property.
Prism in 2015 entered into an agreement to purchase a controlling interest in the site, which had been targeted by the Township of Woodbridge for redevelopment.
“We are eagerly anticipating the commencement of construction,” noted Eugene Diaz, a principal partner with Prism Capital Partners. “The appetite for multifamily rental – especially transit-oriented product – continues to exceed supply throughout New Jersey and nationwide.”
Within that context, Diaz cited the Rahway Avenue/Green Street project as 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 noted. “It is a perfect spot for luxury, fully amenitized apartment homes.”
The imminent start of the Woodbridge project comes at a busy time for Prism Capital Partners and its multi-family redevelopment activity in New Jersey.
Phase I of the firm’s Edison Village in West Orange is nearing completion, introducing 333 rental units in the renovated Thomas A. Edison Invention and Battery Factory, along with retail and a parking structure.
Additionally, Prism is gearing up to launch construction for Phase II of Parkway Lofts in Bloomfield, which will include approximately 154 for-sale townhomes.
At ON3, the largest redevelopment project in the state, master planning is underway, where Prism hopes to introduce luxury multifamily as part of a vibrant, mixed-use plan.