$230m Edison Village project gets on its way.

The recent formal launch of Edison Village marked the commencement of New Jersey's largest non-waterfront adaptive-reuse project. The Township of West Orange, Mayor John McKeon and designated redeveloper Prism Capital Partners hosted the recent celebration, which included the unveiling of Phase I.

More than 250 guests, including former New Jersey Governor Richard Codey, were on hand for the event.

With a total cost of approximately $230 million, Edison Village encompasses 21 acres in the heart of West Orange Township's Downtown Redevelopment Area. The project's master plan, designed by Barton Partners, includes approximately 620 residential housing units, new retail construction and a 630-space parking facility.

"Tonight, with the ceremonial swing of these sledgehammers, we are tearing down a wall that has divided the past from the future in West Orange," said Gene Diaz, a principal partner with Prism Capital Partners, as he addressed those in attendance.

"Edison Village should serve as a shining example of the importance of redevelopment to the future of New Jersey, its municipalities and its residents."

"Thomas Edison said that success is 10 percent inspiration and 90 percent perspiration," noted the honorable Mayor John McKeon, Mayor of West Orange. "It has taken great vision and a huge amount of hard work to bring Edison Village to this milestone. This site is the heart of where our community started. What was our past will certainly be our bright future."

The adaptive re-use of the historic Thomas Edison Invention Factory and Commerce Center, including a total renovation and reconstruction of the 95-year-old factory complex, highlights the project's first phase. The resulting Lofts at Edison Village will contain approximately 316 condominium units--including upscale lofts, townhomes, flats and penthouses--designed to garner LEED certification.

The market-rate homes will range from 900 to 2,300 square feet and include one and two bedrooms as well as two bedrooms with dens. Residents will have access to a private fitness center, swimming pool, personal storage, doorman service and many other amenities. An onsite sales center will open in late 2008.

"Edison Village is a highly distinctive project for suburban New Jersey, where very few older industrial structures of this scale exist," Diaz noted.

"Its unique physical attributes have enabled us to incorporate ceiling heights ranging from 14 to 16 feet high and windows spanning 10 feet in height in the individual units."

The entire project will be integrated into a suburban landscape including parks and open green spaces.

Additionally, approximately 18,000 square feet of Main Street retail will be constructed on the corner of Charles Street and along Main Street, providing current and future residents with a new in-town shopping experience at The Shoppes at Edison Village. The parking garage construction is also part of Edison Village's first phase.

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This phase is anticipated to be completed by the summer of 2010 with delivery of the first units by the fall of 2009.

The second and third phases of Edison Village will consist largely of single-family homes and townhomes, including tri-level, stacked units and multistory lofts. Complete project build-out is anticipated by the fall of 2013.

The residential construction is expected to help boost property values throughout the neighborhood, and the retail development is expected to generate approximately $10 million of additional annual spending.

Located in the southeastern corner of West Orange, Edison Village is bounded to the west by the historic Llewellyn Park, one of New Jersey's premier gated communities.

The newly refurbished Edison National Historic Site and Museum is located adjacent to the property.

"Edison Village is an exciting endeavor, and we are proud to serve as its designated redeveloper," said Ed Cohen, also a principal partner with Prism Capital Partners.

"This property, especially the factory site, played a significant role in the history of West Orange. Its redevelopment will bring it back to its former prominence--this time as a mixed-use project that will provide new housing opportunities and support retail that will breathe new life into the neighborhood and the larger community."