A proposed fourth phase at Prism Capital Partners’ ON3 campus in Clifton and Nutley would include the construction of up to 1,074 multifamily units and 90,000 square feet of additional retail space along Route 3 East. — Courtesy: Prism
By Joshua Burd
Prism Capital Partners has secured three key approvals for its flagship ON3 campus in Clifton and Nutley, paving the way for new phases including a long-awaited residential component with nearly 1,100 multifamily units, along with a major research and development facility.
The firm, which has owned the 116-acre property since 2016, said the entitlements also allow for some 90,000 square feet of additional retail space and the development of a major data center or other permitted use. They would be among the final pieces of the developer’s plan to reinvent the former Hoffmann-La Roche complex on Route 3, where it has attracted a host of blue-chip office tenants alongside major health care, life sciences and academic users — with the ultimate goal of creating a full-fledged, mixed-use campus that includes housing.
“This major step forward to complete the vision plan for ON3 has been years in the making, and we are thrilled to move past some major hurdles and toward the creation of a true live-work-play ecosystem,” said Eugene Diaz, a principal partner with Prism. “ON3’s strategic design and position on Route 3, just nine miles from Manhattan, provide us with an opportunity to create a world-class property that speaks to the changing demands of New Jersey communities, residents and businesses. These approvals are wins all around — for our campus’ evolution, ON3’s in-place tenants, future tenants, future residents and both municipalities.”
Chief among the approvals, which Prism announced Wednesday, include Clifton’s adoption of the redevelopment plan’s fourth phase. That calls for the construction of up to 1,074 multifamily units and the additional retail space, sited on acreage along Route 3 East, which advances the firm’s vision to introduce new housing options in an undersupplied market as well as restaurants, small shops, a neighborhood market and other uses to support the campus and enhance one of the region’s major retail corridors.
In Nutley, a parcel known as the Innovation Center tract on Kingsland Street is earmarked for the development of a state-of-the-art R&D operation, Prism said. With a deal in place involving an international consumer products company, the firm anticipates a near-term site plan approval filing and could be ready to launch construction as soon as late summer.
The developer added that officials in Nutley have approved its plan to repurpose 11 acres at 275 Kingsland Street. That site can accommodate a major data center and other permitted uses.
“Prism hit the trifecta with these simultaneous plan approvals,” said Edwin Cohen, principal partner. “Location and lifestyle are at the center of what ON3 has already become, and with new and expanded uses on the way, this award-winning campus is positioned to set even higher benchmarks for redevelopment and its value potential for New Jersey.”
The firm’s plan to transform the former Roche North American headquarters campus has taken shape over the past decade, having already invested more than $500 million into creating and tenanting the ON3 campus. Today, the site includes 1.45 million square feet of fully occupied office, educational, health care and R&D and lab space, whose tenants include:
- Eisai Inc.
- Quest Diagnostics
- The Ralph Lauren Corp.
- Hackensack Meridian Health & Wellness Center at Clifton
- Hackensack Meridian School of Medicine
- Hackensack Meridian Health Research Institute
- Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences
- Modern Meadow
- Y-mAbs Therapeutics
ON3’s first retail tenant, Starbucks, opened last December, with others to be announced, according to a news release. And a planned hospitality component will include a 266-room, dual-branded Marriott AC/Element Hotel with a rooftop bar.
Prism now estimates that an additional $500 million will be spent to complete the full build-out of its plan for ON3, the firm said Wednesday. It also pointed to the role of a 10-megawatt co-hybrid power plant, which efficiently provides electricity, heating and cooling throughout the campus properties with redundancy and a reduced carbon footprint.
A new lease on life: Prism, local officials prepare for ‘next chapter’ of Roche campus
