The Residences at Edison Lofts in Edison Village — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners has completed its 100th lease at a historic Thomas Edison factory complex in West Orange, where it has completed construction on 300 luxury loft apartments as the centerpiece of a high-profile adaptive reuse project.
The developer this week announced the milestone at The Residences at Edison Lofts, which is part of a larger mixed-use project known as Edison Village. Located on Main Street, the project has given new life to the 100-year-old, 400,000-square-foot industrial structure within the former Thomas Edison Factory and Commerce Center.
“Edison Village has become a vibrant community, attracting interest locally and from the surrounding area, as well as renters from out of state,” said Edwin Cohen, a principal partner with Bloomfield-based Prism. “There is nothing else like it — from the unique historical setting to the full suite of modern amenities. This distinctive nature and price point compared to those on the Hudson waterfront has contributed to sustained brisk leasing here.”
Prism recently finished its build-out of the high-end amenity spaces and unveiled 21 penthouse homes at The Residences, according to a news release. Overall, the building features 300 studio, one-, two- and three-bedroom homes that take advantage of original architectural features, including 14- to 16-foot ceiling heights and eight- and 10-foot replica replacement windows.
Amenities include a recently completed theater and media screening room, a 5,000-square-foot private fitness center and a 12,000-square-foot rooftop lounge with indoor and outdoor spaces and a 360-degree views of the Manhattan skyline.
“The design, by Minno & Wasko Architects and Planners, respects federal guidelines on the renovation and rehabilitation of historic buildings,” Cohen said. “At the same time, the Residences at Edison Lofts features an extensive range of modern lifestyle features.”
Edison Village also includes The Mews at Edison Lofts, a boutique collection of 34 one- and two-bedroom homes over 18,400 square feet of retail and a 630-space parking structure.
Prism is set to launch the second phase of Edison Village late this year, with plans to add another roughly 230 for-sale townhomes, the news release said. The firm noted that 60 of those units will be reserved for low- and moderate-income residents.
Cohen said the project, which is more than a decade in the making, is meant to serve as a catalyst for a downtown that “was seemingly left stuck in the old industrial past.” Prism recently welcomed local officials and business leaders to tour the project, which includes new sidewalks and street lighting to enhance walkability and biking in the area.
The new landscape also features parks and open green spaces, while the project has resulted in updates to water, sewer and electrical infrastructure, according to a news release. Additional plans call for new roadways through the project that will integrate it with the surrounding residential neighborhoods.
“These local stakeholders have been enthusiastic about the redevelopment project in the heart of their downtown,” said Cohen, who conducted the tour. “It was our pleasure to share the finished product with those who have supported us and who will be our ongoing partners in the revitalization of this community.”
West Orange, The Residences at Edison Lofts, Edison Village, Prism Capital Partners, Thomas Edison Factory and Commerce Center, Minno & Wasko Architects and Planners