10A —January 21 - February 17, 2022 — 2022 Forecast — M id A tlantic Real Estate Journal
www.marej.com
2022 F orecast
By Edwin Cohen, Prism Capital Partners Today’s Multifamily Development Mandates an Eye to the Future
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ew Jersey’s quality educational systems and enviable con -
24/7-style environments with housing options proximate to dining, retail, culture and commuting. They are work - ing with developer partners to achieve this traditionally urban balance, encourag - ing more housing options and amenities to make their downtowns and commercial corridors attractive. Here in New Jersey, Mor - ristown was a frontrunner. Now others are successfully following suit. Woodbridge is a great current example, with several redevelopment projects integrating directly into the community’s vibrant, walkable downtown. Among them, Prism’s Avenue &Green recently introduced 232 rental apartments above 10,500 s/f of street-level retail, built on a five-acre former car dealer - ship parcel adjacent to the Woodbridge train station. Within four months, residen - tial leasing exceeded the 60% mark, and a lease had been drafted for the last available retail space. If you build it, they will come. The takeaway? New Jersey’s downtowns remain attractive places to live and do business; this is not a passing trend. As public/private partners respond sensibly and smartly, a new generation of infill re - development is successfully uplifting neighborhoods and positioning entire communi - ties for future growth and prosperity. Edwin Cohen is principal partner with Prism Capital Partners inNutley, NJ. MAREJ a transit theme to complement the neighborhood. Nutley-based Prism Capi - tal Partners is an estab - lished leader in the rede - velopment and adaptive reuse arena. The privately held owner/operator’s cur - rent Garden State mul - tifamily projects also in - clude Avenue & Green, a mixed-use, transit-village community in Woodbridge; Wonder Lofts, the conver - sion of the former Wonder Bread factory site on Clin - ton Street in Hoboken; and Edison Lofts, the redevelop - ment of Thomas Edison’s historic Invention Factory and Commerce Center cam - pus inWest Orange. MAREJ
c e n t r a t i o n o f l e ad i ng names in bio - tech, phar - maceuticals, e du c a t i o n , IT and tele - com, among others, have
Edwin Cohen
long positioned it as a desir - able place to live and work. Further, within the Mid-At - lantic region, the Garden State’s proximity to New York City is second to none. Within that context, New Jersey’s urban centers and transi t -served, walkable downtowns have attracted residents for decades, and even through the pandemic the state’s multifamily sec - tor’s positive trajectory has continued. Entering 2022, a robust development pipeline – including recently complet - ed, in-progress and planned product – is introducing a fresh generation of for-sale condominiums and rental apartments to meet demand. Developing Responsively Best-in-class, modern mul - tifamily communities are not cookie-cutter developments. Rather, their designs respond to the nuances of each site, and how the end product can best complement its sur - roundings and draw from regional demographics. New Jersey’s deep indus - trial roots have yielded a no - table inventory of character- rich, yet functionally obsolete
Wonder Lofts
factory product. Many of these century-old properties have the potential to check every box for their communi - ties. Consider Hoboken. This Hudson riverfront city offers a dynamic lifestyle and ease of access to Manhattan via public transportation; it is wildly popular with afflu - ent urban professionals and young families. Our firm’s recent industrial- to-residential adaptive reuse of the c.1909 Wonder Bread factory there leveraged these advantages by introducing luxury, for-sale condomini - ums with 14,000 s/f of indoor/
outdoor amenity space. At the same time, the Wonder Lofts project preserved historic ele - ments – including the original façade, smokestack and water tower – as critical components to maintain the character of both the property and its neigh - borhood. The reconstruction of this landmark building into loft-style condos indeed spoke to buyers. Just five months into Wonder Lofts’ launch, the homes were 60% sold. These types of adaptive reuse projects transform for - mer eyesores into beautiful community anchors. And they often carry improvements –
such as new sidewalks and street lighting, and updated landscaping – that boost sur - rounding property values and quality of life. Creating Balanced Downtowns
Looking toward the New Jersey suburbs, municipali - ties with rail service have long enjoyed a competitive edge in attracting residents. That advantage grows exponen - tially for those communities that also are led by forward- thinking local governments. Tuned-in suburban mu - nicipalities today are capital - izing on sustained demand for PrismCapital Partners: Second building under roof at Dunellen Station
DUNELLEN,NJ —Asecond structure is under roof ahead of winter weather at Dunellen
K. Hovnanian Companies . “Construction is progress - ing at a brisk pace,” said PrismCapital Partners’ Rob- ert Fourniadis , senior vice president, residential. “Inte - rior build-out is in full swing for the first two buildings. It’s exciting to see our vision for this project coming to life.” Dunellen Station residents will enjoy a host of lifestyle amenities, including a club - house, meeting rooms, fit - ness center, outdoor pool with patio and an entertainment area. Designed by Spiezle Ar- chitectural Group , the com - munity reflects the character of the former Art Color build - ing, with the clubhouse and retail elements incorporating
Station, with foundations and framing rising for the multifamily community’s four remain - i ng bu i l d - ings. Prism
Robert Fourniadis
Capital Partners’ redevel - opment of the former Art Color industrial facility at 100 South Washington Ave. is progressing right on schedule; Prism anticipates deliver - ing the first apartments at Dunellen Station this spring. Upon completion, the com - munity – located directly
Dunellen Station
across from the local train station, adjacent to Dunel - len’s vibrant downtown – will include 252 one- and two- bedroom market-rate rent - al apartments, 58 of which
are reserved for low- and moderate-income residents, and 10,000 s/f of street-level retail. The property also will include 130 for-sale town - houses, to be developed by
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