Bloomfield, N.J. investor/developer Prism Capital Partners has completed and submitted its formal site plan for the redevelopment of a five-acre parcel next to the Woodbridge, N.J. train station into an as-yet-unnamed, transit-oriented community.
The plan calls for a mid-rise, mixed-use building with 232 apartments and 12,000 square feet of retail space.
Prism entered into a purchase agreement for a controlling interest in the site, once a Chevrolet dealership, in 2015. With the site plan complete, the developer expects to move forward at pace.
“The appetite for multifamily rental – especially transit-oriented product – continues to exceed supply throughout New Jersey and nationwide,” says Eugene Diaz, a principal partner with Prism Capital Partners. “The town of Woodbridge is experiencing a renaissance, and this property sits in the heart of its walkable downtown, right next to Woodbridge Station. It is a perfect spot for luxury, fully amenitized apartment homes.”
