BLOOMFIELD, NJ-The conversion of a 113-year-old industrial building on the Garden State Parkway into 355 loft-style apartments is a step closer to reality, as Prism Capital Partners LLC received Phase 1 site plan approvals for the development of the Parkway Lofts in Bloomfield, NJ and East Orange, NJ. Construction on the former General Electric Co. warehouse will begin in the spring.

“We identified a terrific opportunity to convert the structure to multifamily using the full, 17-foot floor-to-floor ceiling heights and heavy floor loads to add a penthouse level and a new intermediate second floor,” says Edwin Cohen, principal partner of Englewood, NJ-based Prism. “At the same time, we will preserve many original architectural features of the building.”

Built in 1897, the 365,000-square-foot, six-story landmark building was purchased by Prism in 2005. Phase 1 also will include a three-level parking facility. Phase 2 will add 150 for-sale townhomes, a clubhouse and other lifestyle amenities.