The River Park Town Center project in Whippany, depicted in this rendering, calls for 11 buildings as part of a plan that would include 967 residential units, 80,000 square feet of retail space, two 125-room extended stay hotels and more than 20 acres of public recreation space. — Courtesy: DMR
By Joshua Burd
A developer has picked Rarefied Real Estate Partners to spearhead retail leasing at a mixed-use, 88-acre project that aims to revitalize a historic former industrial site in Hanover.
Rarefied, a Morristown-based real estate brokerage, said it will work on behalf of Eden Wood Realty LLC to bring tenants to what’s known as River Park Town Center. Construction is well underway at the site, located at the nexus of interstates 287 and 80 and routes 10 and 24, where initial plans call for building a pedestrian-friendly destination with a mix of retail brands, fine dining, two extended stay hotels and other uses alongside nearly 1,000 luxury apartments.
First commercial occupancies are slated for spring 2023.
“We are extremely proud to represent Eden Wood Realty’s River Park Town Center,” said Richard P. Rizzuto, principal and managing partner of Rarefied. “We will be leveraging our network of regional, national and global brands to curate the most dynamic mix of retail tenants most appropriate for a development of this caliber. We will be introducing all the amenities that sophisticated consumers demand, such as upscale apparel and electronics retailers, boutique wine bars, gourmet coffee roasters and chefs’ markets anchored by destination restaurants and entertainment venues.”
Rizzuto noted that the site will appeal to retail tenants with its affluent demographics, highway access and existing commercial users in the area, with nearby corporate tenants including Bayer, MetLife, Novartis and other blue-chip companies. He is working at the site alongside Alec Maldonado, senior vice president for commercial at Rarefied, in addition to a team of commercial property and hospitality industry experts with more than 25 years of collective experience.
River Park Town Center consists initially of two phases, the first of which calls for 967 residential units, 80,000 square feet of retail, two brand-name hotels and several outdoor dining spaces and open plazas, according to a news release. The second stages consists of a multifamily building with up to 500 luxury units and an 18,000-square-foot office property, while the development will also include access to the Patriots Path regional trail system.
DMR Architects is the consultant for the redevelopment and design elements at River Park Town Center, while March Associates Construction serves as the construction manager. First residential occupancies are slated for fall 2022.
“We chose Rarefied Real Estate Partners from a sea of larger national brokerages because they impressed us with their personalized approach to curating an ideal retail tenant mix while maintaining a substantial global network of brands,” said Thomas Stagen, president of Eden Wood Realty. “We are confident that Rarefied Real Estate Partners will be pivotal in realizing our vision to make River Park Town Center the prime retail and entertainment destination in all of Morris County.”