In Dunellen, New Jersey, a real estate redeveloper that specializes in adaptive reuse—Prism Capital Partners—has launched a project named Dunellen Station.
It will transform a long-abandoned community eyesore—the former Art Color industrial facility—into a new mixed-use, transit-oriented community.
On December 18, 2018, the Bloomfield, New Jersey-based Prism commenced demolition of the obsolete, 400,000-square-foot industrial complex, and construction is slated to begin in the summer of 2019.
Prism will construct 194 one- and two-bedroom market-rate apartments and 58 units reserved for low- and moderate-income residents, as well as 10,000 square feet of retail. Dunellen Station also will include 130 for-sale townhouses, which will be developed by a national homebuilder.
“This well-situated property is just steps away from Dunellen’s vibrant, walkable downtown business district and directly across from the train station,” noted Prism’s Robert Fourniadis, senior vice president, residential. “We have created a diverse range of housing options in order to serve numerous segments of the market, and the new retail components will support residents of Dunellen Station as well as the whole community.”
Dunellen Station residents will enjoy a full amenities package including a clubhouse, meeting rooms, fitness center, outdoor pool with patio and entertainment area. Dunellen Station’s design, by City Invincible, reflects the character of the former Art Color building, with the retail component and clubhouse complementing the neighborhood with a transit theme.
Prism Capital Partners is an established leader in the industrial-to-residential adaptive reuse arena. The firm currently is wrapping up Phase I construction at Edison Village, the mixed-use redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. The 21-acre site represents the largest non-waterfront adaptive-reuse project in New Jersey.
In Hoboken, Prism’s industrial-to-residential conversion of a former Wonder Bread factory on Clinton Street is moving forward, with interior demolition now underway.
Photo of the Art Colors water tower via A Boy And His Dog Productions / Patrick Ryan via YouTube.