Assembling properties into development sites and planning buildings for the completed sites is a driving focus of Edison Properties’ principles and its professional team. Few other owners have the patience and capital to assemble the largest possible sites, and there is land sufficient for the development of more than 25 buildings on Edison’s existing properties.
While architects, engineers, mortgage lenders and building contractors are key parts of this process in urban areas, Edison Properties precedes all of them – visualizing locations with the size and versatility to accommodate future development. Edison then addresses the difficult task of acquiring a series of fragmented properties, gaining possession, clearing buildings and developing interim uses, such as surface parking, with the ultimate goal to create the largest possible development site. In addition, Edison is constantly engaged in the process of creating value by securing land use and zoning approvals for its existing and new properties.
Examples of the land assembly and site preparation process resulting in new buildings include:
Ironside Newark, Newark NJ Edison Properties is converting The Newark Warehouse–built in 1907–into Ironside Newark. The building features more than 450,000 square feet of loft-style office and retail space adjacent to the Prudential Center and Newark Penn Station. Ironside Newark will have two roof decks: a shared terrace with access to a rooftop conference and entertainment center for all office tenants and a private penthouse terrace for the 7th floor office tenant occupying the new 20-foot high glass addition. Construction is well underway with scheduled completion in the Fall of 2018.
88 Leonard Street, NYC 21-story, 350-unit apartment building at the corner of Broadway and Leonard Street. Edison assembled five properties over 27 years to create the maximum potential building site. It net leased the land to a developer/builder for 99 years and leased back the garage in the building for the same term.
188 Ludlow Street, NYC Edison built, owns and manages a 23-story, 243-unit apartment building at the corner of East Houston Street and Ludlow Street, extending to Essex Street.
245-251 West 28th Street Edison purchased four properties to create a 30,000-square-foot rectangular site between 28th and 29th Streets and 7th and 8th Avenue, in Manhattan, over a period of 26 years.