And the initial phase of the three-part redevelopment involves turning the historic Thomas Edison Battery Building into a combination of residences and retail. When completed, the phase will bring some 310 residential units to market in a combination of loft condos, townhomes, flats and penthouses, according to Prism officials. The retail component will total 18,000 sf, and the project is being developed to garner LEED certification.

The second and third phases will add another 300 residences consisting of tri-level stacked townhomes, multi-story lofts and single-family homes. The overall component of 610 residences will include 70 low- and moderate-income units aimed at helping this community to meet its COAH obligation, say company officials. The master plan also calls for a 640-space parking structure.

Said to be the largest non-waterfront redevelopment on the table in New Jersey, Edison Village is being financed in part through more $40 million in non-recourse Redevelopment Area Bonds tied to a payment in lieu of taxes agreement. Total cost of the project has not been released. The first phase is expected to be finished in the fall of 2009, with complete build-out of all phases by late 2013.