WEST ORANGE, NJ — Exterior building restoration is nearing completion at Edison Village, the site along Main Street being redeveloped by Prism Capital Partners, according to a press release from Prism. According to Eugene Diaz, principal partner at Prism, the project has progressed at a rapid pace.
Edison Village, representing the largest non-waterfront adaptive-reuse project in New Jersey, encompasses 21 acres on Main Street, in the heart of West Orange’s Downtown Redevelopment Area. Phase I involves the total renovation and reconstruction of the 100-year-old factory complex, introducing 334 rental units, 18,400 square feet of retail with a supporting 630-space parking structure.
“This project has been discussed in West Orange for many years,” Mayor Robert Parisi said in the release. “We are thrilled by the speed that things are happening. From the beginning it was the township’s hope that this project would provide a much-needed facelift — aesthetically and economically — to that neighborhood and become an important economic driver to the entire downtown. As the real estate market continues to improve regionally, we believe this project is poised to meet and exceed our expectations and have a significant impact on the township for years to come.”
Prism Capital Partners was appointed designated redeveloper for the property 10 years ago.
“Following extended delays, driven by litigation and the Great Recession, we are pleased to be moving forward so quickly in completing what we first set out to do,” Diaz said. “This project is a poster child for the benefits of persistence and a disciplined approach.”