Prism Capital Partners will break ground this spring on a $230 million redevelopment project in West Orange, N.J. The Edison Village project will transform Thomas Edison’s former factory complex into a multifamily building with 331 apartment unitsranging from 590 to 1,500 sf, retail space, and a parking garage.
Demolition and site work had begun in 2008 to convert the former Edison complex into condominiums on 21 acres of land. However, the financial crisis and the drying up of the condo market forced Prism to put the project on hold. The new project includes a construction loan and a financing agreement with the township that includes a payment in lieu of taxes agreement. The design includes renovating and incorporating existing architectural features such as 16-foot ceilings and 10-foot windows. West Orange Mayor Robert Parisi said the industrial-to-residential transformation gives the township “the opportunity to create an exciting downtown in an area that has been neglected for too long.”
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