The Project, which is the largest non-waterfront redevelopment project in New Jersey, is located in the Downtown Redevelopment Area of West Orange encompassing an area of approximately 21 acres and is located in southwestern corner of West Orange. This area is bounded to the northwest by the historic Llewellyn Park sub-division and to the southeast by the City of Orange.
The master plan, is comprised of 610 residential housing units, new retail construction, and a 640 space parking facility, that is anticipated to be executed in three (3) phases.
The first phase of the project is highlighted by the adaptive reuse of the Historic Thomas Edison Battery Building and will contain approximately 310 residential units. This phase will include upscale loft condominiums, town-homes, flats and newly constructed penthouses and will garner LEED certification (the nationally recognized green building rating system). Residents will have access to private amenities which include a fitness center, lap pool, personal storage, and doorman service. In addition, approximately 18,000 square feet of convenience retail (shops, restaurants, etc.) will be sited on the corner of Charles Street and along Main Street which will provide current and future township residents with a new in-town shopping experience.
The second and third phase(s) of the project will consist largely of town homes: tri-level, stacked units, as well as multi story loft units, and single family homes. Units are expected to range in size from 900-2,300 square feet and will consist of a broad unit mix including one, two and three bedroom units. Prism is also assisting the Township with meeting its COAH (Council on Affordable Housing) obligation by providing more than 70 low-moderate income housing units.
This complicated redevelopment includes more than $40 million in non-recourse Redevelopment Area Bonds. These bonds are tied to a payment in lieu of taxes (PILOT) agreement. This arrangement provides substantial benefits to both the Township as well as individual homeowners whose property taxes will be substantially reduced for a 25 year period.