Page 33 - RE-NJ

31 JUNE 2025
PRISM LANDS APPROVALS FOR
LONG-AWAITED HOUSING AT ON3
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’
Eugene Diaz
evolution,
ON3’s in-place tenants, future
tenants, future residents and both
municipalities.”
Chief among the approvals, which
Prism announced in early July,
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
Edwin Cohen
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
July 9. 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 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