Prism signs purchase agreement for Woodbridge, NJ redevelopment site
WOODBRIDGE, NJ — Prism Capital Partners has signed a definitive agreement to purchase a five-acre parcel at the corner of Rahway Ave. and Green St. in Woodbridge. Prism Capital Partners intends to develop the site, located directly across from NJ Transit’s Woodbridge Station, as a 180-unit multi-family rental community.
The property, former home to the Lucas Chevrolet dealership, has been designated by the Township of Woodbridge for redevelopment and is already zoned residential. Prism is purchasing a controlling interest in the site from the Lucas family, and currently is finalizing plans for township approval. The firm anticipates a late 2015 construction start.
“This is an exciting project for us,” said Eugene Diaz, a principal partner with Prism Capital Partners. “Transit-oriented development is a red-hot sector of the commercial real estate market in New Jersey and nationwide. Woodbridge is experiencing a renaissance, and this project is located in the heart of its downtown. We look forward to providing the type of luxury, fully amenitized apartment community for which our company has become known.”