Plans for The District at 15fifteen, a redevelopment project at 1515 Route 10 in Parsippany, call for 60,000 square feet of retail and restaurant space, 498 luxury apartments and a pedestrian-friendly design meant to evoke a town center. — Rendering courtesy: Rendering by Thriven Design/Courtesy: Stanbery Development Group
By Joshua Burd
A joint venture has broken ground on its redevelopment of a former suburban office property in Parsippany, with plans calling for 60,000 square feet of retail and restaurant space, 498 luxury apartments and a pedestrian-friendly design meant to evoke a town center.
Known as The District at 15fifteen, the project will take shape over the next two years on Route 10 East near the Dryden Way intersection, at a site that once housed the 288,742-square-foot Intel Corporate Center. Its project team — which includes Stanbery Development Group, Claremont Development and PCCP LLC — welcomed local officials this week to mark the ceremonial start of construction for a plan that is nearly a decade in the making.
“Over the last several years we have seen Parsippany, and specifically the stretch of Route 10 between Interstate 287 and Route 202, experience an immense transformation with an influx of national retail, restaurant and hotel options aimed at serving both residents and the large daytime worker population in Morris County,” said Marc Hays, a partner and head of acquisitions and leasing at Stanbery. “We, alongside our partners at Claremont Development and PCCP, saw an opportunity to cater to that growing need and anchor this bustling section of the Route 10 corridor with not only a high-quality, mixed-use environment, but a new, vibrant town center that cannot be found anywhere else in the region.”
The project, whose team includes Thriven Design and Del-Sano Contracting Corp., will bring a mix of high-end and local retailers, full- and quick-service restaurants, boutique fitness and specialty services to the site at 1515 Route 10. Those uses will help anchor what will be a three-building, streetscape-style complex meant to encourage community gatherings with year-round programming such as farmer’s markets, music in the park, food trucks and family movie nights.
The project’s 498-unit residential component will include 42 affordable apartments and another 49 age-restricted dwellings for residents 55 and over, the news release said. Phase one will be a four-story, wood-framed building with two exterior courtyards, while phase two will be a five-story, wood-framed building wrapping an 853-space parking deck with one exterior courtyard.
The site is also slated to have 209 surface parking spaces that will have valet parking available, the developers said. Both parking areas will service the entire development and be accessible to residents, retail customers and visitors.
“As young working professionals continue to seek out accommodations in nearby urban centers, suburban-based companies have been challenged with attracting and retaining a talented workforce,” said Maximilian Dorne, a partner at Claremont Development. “The District at 15fifteen will provide the amenities and modern living options millennials crave and serve as a significant tool for attracting and retaining a qualified pool of employees and employers in Parsippany and the surrounding area.
“The ability to seamlessly walk to the community’s commercial core for a cup of coffee, morning yoga class, business lunch or dinner and drinks with friends, caters to this group as well as the active lifestyles of 55 and older residents. The District at 15fifteen has something for everyone.”
New York Life Insurance Co. is providing a $147 million construction loan for the project, which is poised to revive a site that had become part of Parsippany’s overbuilt inventory of outdated, highway office space. Plans now call for a “pedestrian-first” town center design meant to draw nearby residents, shoppers and the tens of thousands of workers for nearby corporations such as Wyndham Worldwide, Avis, Tiffany & Co. and Zoetis.
“By bringing new job, commercial, and housing opportunities to Parsippany, this exciting project takes a stagnant property and creates unique and vibrant possibilities that are part of the fabric making Parsippany one of the best places to live, work and play in New Jersey,” said Mayor James R. Barberio, one of the speakers at the May 23 groundbreaking event.
The developers expect to welcome the first residents in fall 2024, with the retail and restaurant portions slated for completion in fall 2025. They noted that renters will have access to perks such as a fitness center, a yoga studio, a pool and co-working and work-from-home options, among others common spaces, while the 49 age-restricted units will include access to a private lobby and separate amenities.
Importantly, the state Department of Transportation has approved a series of roadway improvements to enhance vehicular circulation to Route 10 East and West, as well as provide a tie-in to the Dryden Way jughandle, the news release said. The upgrades will provide a direct connection to the Dryden Way ramps at Route 10 and to the office park immediately across the highway, formerly known as the Mack-Cali office park, removing vehicle trips through the Route 202 intersection while opening a new access point for other commercial properties.
C&W: Developers land $147 million construction loan for Parsippany redevelopment project
