NEW JERSEY—The smokestack on Prism Capital Partners’ Parkway Lofts property was recently imploded as a step in the redevelopment.
Originally constructed in 1897 by the General Electric Co., the six-story warehouse is being redeveloped by Prism into a 361-unit loft-style apartment building.
“Parkway Lofts represents not only the transformation of an iconic, but dated, industrial property, but the rebirth of an entire neighborhood,” said Eugene Diaz, Prism’s principal. “It makes a great study of New Jersey ‘smart growth’ at its best.”
The $90 million redevelopment is an industrial-to-residential reuse project of the former General Electric Co. property.
The design meets LEED-certification standards and uses the structure’s 17-ft. floor-to-floor ceiling heights. Plans for the redevelopment include new, 13-ft. historical replica windows and other original architectural features.
Upon completion, the property will be a residential village with approximately 170 for-sale townhomes.