Thomas Edison’s former factory in New Jersey slated for $230 million mixed-use redevelopment

February 11, 2013 |
Drew Ballensky

Prism Capital Partners will break ground this spring on a $230 million redevelopment project in West Orange, N.J. The Edison Village project will transform Thomas Edison’s former factory complex into a multifamily building with 331 apartment unitsranging from 590 to 1,500 sf, retail space, and a parking garage.

Demolition and site work had begun in 2008 to convert the former Edison complex into condominiums on 21 acres of land. However, the financial crisis and the drying up of the condo market forced Prism to put the project on hold. The new project includes a construction loan and a financing agreement with the township that includes a payment in lieu of taxes agreement. The design includes renovating and incorporating existing architectural features such as 16-foot ceilings and 10-foot windows. West Orange Mayor Robert Parisi said the industrial-to-residential transformation gives the township “the opportunity to create an exciting downtown in an area that has been neglected for too long.”

(http://www.njbiz.com/article/20130129/NJBIZ01/130129826/Prism-set-to-break-ground-on-$230-million-Edison-Village-project-)

Drew Ballensky | Reconstruction Blog

Drew Ballensky is general manager of Duro-Last Roofing, Inc.’s central U.S. facility in Iowa and company spokesman for Duro-Last’s cool roofing, sustainability and architectural education programs. He is past-president of the Chemical Fabrics and Film Association and chairman of CFFA’s Vinyl Roofing Division. Drew earned his bachelor’s degree in industrial technology from the University of Northern Iowa and master’s degree in business administration from Florida State University.
Drew has over 29 years experience in business and industry in various engineering and managerial capacities. He has worked in the U.S. and Canadian operations for a major international manufacturer of pre-engineered steel buildings, was a financial analyst with a major athletic apparel manufacturer and was an owner of a general contracting company.

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