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 into a mixed-use Transit Oriented Community consisting of 232 apartments and 12,000 square feet 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.
Based in Bloomfield and focused solely on the regional market, Prism is both an active investor – buying income-producing assets and undervalued properties – and a multi-faceted developer – implementing development and redevelopment opportunities utilizing its full in-house capabilities. The privately held owner/operator has orchestrated the repositioning of an impressive list of New Jersey properties and projects since its founding in 2002.
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