A rendering of Prism Capital Partners’ planned mixed-use development in downtown Woodbridge, which calls for 232 luxury apartments and 12,000 square feet of retail space. — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners is poised to move forward with its redevelopment of five acres in downtown Woodbridge, where it’s planning a mixed-use project with more than 230 apartments.
The firm on Tuesday said it has completed its formal site plan submission for the property at the corner of Rahway Avenue and Green Street. Those plans call for redeveloping what had been the former Lucas Chevrolet dealership site, with the goal of tapping into the continued demand for luxury rentals near mass transit stops.
“We are eagerly anticipating the commencement of construction,” said 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.”
The Bloomfield-based firm in 2015 entered into an agreement to purchase a controlling interest in the site, which is less than a block from one of Woodbridge’s three train stations. It’s now planning 232 apartments and 12,000 square feet of retail space on a parcel that local officials have long sought to redevelop.
“The town of Woodbridge is experiencing a renaissance, and this property sits in the heart of its walkable downtown, right next to Woodbridge Station,” Diaz said. “It is a perfect spot for luxury, fully amenitized apartment homes.”
The progress comes as Prism continues to build its multifamily pipeline elsewhere in the state. The firm is near completion of its rehabilitation and expansion of a former Thomas Edison factory in West Orange, which will result in 333 new luxury rentals. It is also preparing to launch construction at phase two of its Parkway Lofts project in Bloomfield, which will include more than 150 for-sale townhomes.
At its redevelopment of the former Hoffmann-LaRoche campus in Nutley and Clifton, now known as ON3, Prism is in the midst of master planning and said it hopes to introduce luxury multifamily as part of a vibrant, mixed-use plan.