Commercial real estate owner/operator Prism Capital Partners, LLC, has broken ground for Phase I at The Parkway Lofts, a high-profile, multi-family adaptive reuse in Bloomfield and East Orange.
The milestone marks the launch of a signature redevelopment for New Jersey, according to Eugene Diaz, a principal partner with Prism.
Located with high visibility on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000 s/f, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility.
At build out, the 14.5-acre site will be transformed into a distinctive, high-density residential village also featuring 150 for-sale townhomes, a clubhouse and other amenities to be built as part of Phase II.
Prism acquired the property — originally built by General Electric — in 2005. It sits within a residential area with immediate access to the Garden State Parkway, as well as high-speed rail service to New York City.
“We saw a great opportunity to take this obsolete industrial property and transform not only the structure, itself, but the entire neighborhood into a thriving, urban-living community,” said Prism’s Edwin Cohen, principal partner. “We are establishing a destination here as much as we are creating attractive, modern residences.”
The design takes advantage of the building’s 17-foot ceiling heights and heavy floor loads; Prism is adding a new intermediate second floor and a penthouse level.
The firm also is preserving 15-foot, quilt-panel windows that accentuate views of New York City to the east and the Watchung Mountains to the west.
According to Diaz, The Parkway Lofts illustrates the value of adaptive reuse in the Garden State, which houses a sizable inventory of older industrial space. “In cases like The Parkway Lofts, companies like ours are working to preserve our state’s rich history while setting the stage for its future. ”