$60M Adaptive Reuse Warehouse Project Kicks Off in N.J.

摘要

An industrial facility in the Garden State that first opened its doors in 1897 will soon be reborn as a modern multifamily destination, now that Prism Capital Partners LLC has broken ground on the first phase of The Parkway Lofts. The $60 million master-planned development will span 14-5 acres. Prism purchased the 114-year-old former General Electric Co. site in 2005. Phase I calls for the adaptive reuse of a 365,000-square-foot warehouse structure. The six-story building will get a new life as the site of 361 loft-style apartments. Additionally, as part of the initial development phase, a new intermediate second floor and a penthouse level will be built and a three-level parking garage will be erected to accommodate residents.