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,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.
Themeets 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.