Prism Capital Starts Construction on Woodbridge Mixed-Use Project
Bloomfield, NJ-based Prism Capital commenced demolition earlier this year at the former Lucas Chevrolet dealership site.
WOODBRIDGE, NJ—Prism Capital Partners, which along with partner Northwestern Mutual Life acquired the site back in June, has commenced construction on a mixed-use project here that will consist of 232 apartments and 12,000 square feet of retail space.
Bloomfield, NJ-based Prism Capital commenced demolition earlier this year at the former Lucas Chevrolet dealership site. Upon completion the 10 Green St. property located in the heart of Woodbridge’s walkable downtown, next to Woodbridge train station, will feature a mix of studio, one-, two- and three-bedroom homes. In addition to the street-level service retail, other planned amenities include a community room with kitchen and bar, fitness center, outdoor pool, patio with grills and firepits, package room, conference room and covered parking.
Prism Capital is the operating partner and Northwestern Mutual Life is the construction lender on the venture.
Edwin Cohen, principal partner of Prism Capital, states that 10 Green Street responds to the sustained demand for transit-oriented multifamily projects. “Train access and lifestyle amenities—both in-building and within dynamic downtowns—are top-of-mind for today’s renter,” he says. “This location checks every box in a community that is embracing smart growth initiatives.
The firm recently completed Edison Village, the mixed-use redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. In addition, Prism’s conversion of the former Wonder Bread factory in Hoboken into a multifamily development is also underway.