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Prism Makes Progress on $90M Parkway Lofts Redevelopment

NEW JERSEY—Six months after breaking ground, Prism Capital Partners continues on track for the Parkway Lofts to welcome its first renters in Spring 2013. The $90 million redevelopment project in Bloomfield and East Orange involves an industrial-to-residential adaptive reuse of the 115-year-old former General Electric Company property off of the New Jersey Turnpike Exit 148.

Prism acquired the 14.5-acre Parkway Lofts site in 2005 to create high-density, transit-oriented housing. Phase I, currently underway, involves the conversion of a 365,000-sq.-ft. warehouse building into 365 apartments, including 331 studio, one- and two-bedroom residences and 34 penthouse units with terraces.

So far, changes include façade work and preparation to install the 13-ft. windows that distinguish the new design. Inside, Prism is in the midst of creating an intermediate second floor and a penthouse level that will convert the building’s six stories into eight.

“The design, by Minno & Wasko Architects and Planners, utilizes the property’s 17-ft. floor-to-floor ceiling heights,” said Eugene Diaz, a principal partner with Prism. “Industrial elements, such as exposed columns and beams, polished concrete floors, and post-modern finishes, will complement the new, historical replica windows and other original architectural features.”

Tenant amenities at the gated Parkway Lofts community will comprise a two-level fitness center and 20-seat screening theater. The developer is also building a rooftop deck, a billiard/party room and a dog run across from the property. The building will be pre-wired for Wi-Fi. In addition to unit private laundry facilities, residents will have access to larger commercial-style laundry rooms and individual storage lockers on each floor. A 2.5-story parking garage and additional under-building and surface parking ensure ample vehicle accommodations.

Prism will begin construction for Phase II, which will include 170 for-sale townhomes, a clubhouse and additional lifestyle amenities, by year’s end.

Additionally, Prism met with the New Jersey Department of Transportation and secured $2.5 million for the purpose of upgrading the Watsessing Avenue Rail Station (located less than 100 yards from the development).

Prism will begin pre-marketing units at Parkway Lofts later this year, with introductory rates starting at $1,500.

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