Real Estate Journal — Year in Review 2017 — December 22, 2017 - January 11, 2018 — 29C
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Year in Review 2017
By Edwin Cohen, Prism Capital Partners 2017: A year of steady progress and milestones for ON3
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017 marked a year of steady progress at our ON3 project in Nutley
plant will be located here as well. Modern Meadow re- ceived a $32 million Grow NJ
at ON3. This includes sev- eral former Hoffmann-La Roche property and facilities
and we have made great strides toward incorporating on-site bus service that will
digital tools are designed to inform local residents about the latest redevelopment news at the property. They also are intended to expand the public dialogue regarding ON3’s potential future uses as we work to create an in- novative, mixed-use lifestyle hub that will best serve New Jersey businesses as well as the regional community. Looking ahead, we an- ticipate another year of mile- stones for ON3 in 2018. Stay tuned. Edwin Cohen, principal Partner Prism Capital Partners in Bloomfield, NJ. n
and Clifton, N J . W i t h master plan- ning well un- derway, the redeve l op - ment of this 1 1 6 - a c r e former Hoff- m a n n - L a
Convenience and accessibility comprised a major ON3 focus in 2017 as well, and we have made great strides toward incorporating on- site bus service that will bring five different bus lines directly into the campus.
grant. And during the fourth quarter, major LOIs having been executed by multiple additional office and R&D/ lab space users. Behind the scenes, a tal- ented and seasoned team has been assembled to over- see day-to-day operations
management professionals. Their in-depth knowledge of ON3’s sophisticated campus infrastructure and building systems is proving to be in- valuable as we move forward. Convenience and acces- sibility comprised a major ON3 focus in 2017 as well,
bring five different bus lines directly into the campus. Additionally, a major ON3 roadway project is queued to commence shortly. Finally, and most recently, we launched a website (www. ON3NJ.com) and socialmedia platforms for “ON3.” These
Edwin Cohen
Roche campus is positioned to set a benchmark in Walk- ing Urbanism. It promises a world-class, mixed-use set- ting integrating office and R&D facilities, recreational, hospitality and wellness op- tions as well as all other uses that will comprise the 24/7 environment. Two buildings being con- verted for the new Seton Hall-Hackensack Meridian School of Medicine are near- ing completion and will be ready to accommodate 2018 summer classes. Seton Hall University will co-locate its Graduate College of Nursing and School of Health and Medical Sciences on its 16- acre site as well, and Hack- ensack Meridian is creating a National Health Institute- designated Clinical Research Center there. Joining this anchor, bio- fabrication company Modern Meadow in mid-2017 leased and moved into its 73,000 s/f, state-of-the-art laboratory. A future pilot manufacturing remote commuting. For 2018, I see retail and of- fice developers challenged by continued growth in telecom- muting and online shopping, but on the flip side, indus- trial developers will benefit as online shopping creates demand for distribution and logistics hubs. Multi-family rental demand will continue to grow, and millennials and baby boomers will continue to create demand for mixed-use properties combining residen- tial, retail and offices. Building complete neighborhoods will continue to be the wave of the future. Neil A. Stein, Esquire is a principal at Kaplin Stewart Meloff Reiter & Stein, P.C. and a member of the Land Use, Zoning &Development and Real Estate, Business & Finance Transactions Department. n 2017: A dream year for the . . . contnued from page 23C
Prism specializes in a variety of unique real estate projects including adaptive redevelopment and new urbanism. The company invests with institutional and private capital sources that rely on the firm’s ability to identify and realize potential in real estate investments of all sizes and types. Prism’s stewardship delivers excellence from each project’s conception through disposition. More information regarding Prism and its projects can be found at www.prismpartners.net (201) 567-2711 E DWIN H. C OHEN E UGENE R. D IAZ P RINCIPAL P RINCIPAL
The Lofts & Shops at Edison Village ON3 Complex West Orange, New Jersey Clifton/Nutley, New Jersey
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