Prism Capital Partners (Prism) recently announced that The Residences at Edison Lofts had reached the milestone of 95% occupancy.
The Residences at Edison Lofts, located in West Orange, New Jersey, is part of Prism’s industrial-to-multi-family-and-retail redevelopment of the historic Thomas Edison Invention Factory and Commerce Center on Main Street.
The Residences at Edison Lofts is a rental community that features 300 homes in the historic structure, ranging from studio to three-bedroom residences. The Mews at Edison Lofts, constructed from the ground up, contains another 34 homes. In addition to the residential units and their amenities, Edison Lofts also encompasses a 630-space parking structure and 18,400 square feet of retail space.
“Edison Lofts has drawn interest from residents of all ages and a wide geographic area; its lease-up is an exciting and meaningful milestone,” said Prism’s Edwin Cohen, principal partner. “We are incredibly proud of what we have accomplished here. Edison Lofts is a true preservation of this New Jersey landmark, one that brings a once-blighted section of downtown into modern times and sets the stage for its future progress as a dynamic community.”
Prism was named as the chosen redeveloper for the 21-acre Edison Village site in December 2006 by The Township of West Orange. A substantial amount of demolition and site work was completed in 2008, with site plan approval for Phase 1 — Edison Lofts –obtained in late 2012. Construction financing was secured in 2016 and the initial residents moved into Edison Lofts during summer 2018.