Plans for the mixed-use PARQ project in Parsippany call for 600 apartments and townhomes, retail, green space at a large piece of a former highway office park. — Rendering by Minno & Wasko Architects and Planners/Courtesy: PARQ
By Joshua Burd
A developer is set to begin demolition at the longtime site of an office park in Parsippany, paving the way for a plan to bring 600 apartments and townhomes to a swath of the property.
The team behind PARQ, as the project is known, has secured $37 million in financing that will fund site and infrastructure work at the former Lanidex Plaza on Parsippany Road. It also expects to close this spring on financing for the first phase of construction, which includes 275 multifamily-style units with convenience retail, indoor and outdoor amenity spaces and parking, along with 75 clustered courtyard townhomes.
Murphy Schiller & Wilkes LLP is acting as finance counsel for PARQ, while Garofalo O’Neill Ruggierio LLC is the project’s land use counsel. Interaudi Bank provided the loan for the upcoming site work.
“PARQ will forge us into the 21st century with state-of-the-art facilities, vast and welcoming green spaces for the community to enjoy, a recreational complex open to residents and sports programs to utilize and enhanced revenue as a result of the site’s modernization,” said Haytham Haidar, managing director of PARQ. He added: “This new, authentic neighborhood will be upscale, welcoming and humble. At PARQ, the best is yet to come.”
Located near the junction of interstates 287 and 80, the PARQ development site spans 23 acres within what was a nine-building, 450,000-square-foot office park. Plans for the property now call for a walkable residential destination that is bolstered by on-site retail, open green space and modern amenities.
The initial round of financing will fund not only demolition, but the installation of water, sewer and drainage lines, paving, grading and curbing, the roadway network and PARQ Lane Boulevard, the developer said. Esposito Construction of Old Bridge will perform the site work.
“We are pleased to be working on this exceptional and transformational project,” said Charles J. Wilkes, a partner at Murphy Schiller & Wilkes. “It is a really great partnership among the lender, ownership and the professionals involved.”
Ryan Homes is under contract to build the townhomes, which will feature contemporary farmhouse-style architecture, two-car garages and access to a clubhouse and outdoor pool, according to a news release. Along with multifamily apartments, the first phase will include an athletic field, a concession building, restrooms and a playground.
The second phase includes a second multifamily with 250 apartments, plus additional retail and amenity spaces.
“Urban renewal and revitalization projects are vital to stimulate the economy, enhance property values and instill a sense of civic pride,” said Anthony Milelli, principal director of PARQ.
The developer noted that its two multifamily buildings will have green design elements and smart building and home features that promote wellness. Amenities, meantime, will include an upscale club suite, a private event room, a children’s playroom, a modern fitness center, a resort-style pool area and co-working alcoves.
The overall redevelopment of the 23-acre property is slated for completion in 2025.