Parsippany redevelopment plan moves forward with more retail space

New York /
Apr.April 23, 2019 05:18 PM

The District at 15fifteen is poised to add 100,000 square feet of retail and 441 apartments to downtown Parsippany, Patch reported this week. Ohio-based Stanbery Development and the Bridgewater, Massachusetts-based Claremont Companies will begin demolition of the existing buildings along Route 10, between I-287 and Route 202. The Morristown Daily Record reported in September on the township’s approval of the mixed-use development. The project will be developed at the former offices of Dialogic and Intel and located directly across the from Hilton Parsippany hotel and a number of office assets owned by Jersey City-based Mack-Cali Realty. Changes in demand for suburban office campuses have left Parsippany, which is home to 14 million square feet of available inventory, with a vacancy rate of 27.7 percent, according to research from CBRE. Chain Store Age, a retail trade publication, recently reported that more than 146,000 people with an average household income in excess of $161,000 live within five miles of downtown Parsippany. The New York Times noted this week that the township is the most populous in Morris County. [Patch]


Related Articles

arrow_forward_ios
Mayor Steven Fulop (Getty, iStock)
Jersey City to provide up to $10K more rent relief per tenant
Jersey City to provide up to $10K more rent relief per tenant
The Birch Group CEO Mark Meisner and 700 Alexander Park Drive (LinkedIn)
Birch Group buys Princeton office portfolio from BentallGreenOak
Birch Group buys Princeton office portfolio from BentallGreenOak
The share of vacant sublease space in the total vacancy was 16.5 percent, the highest since 2005. (iStock)
Office vacancy rate in New Jersey nears 19%
Office vacancy rate in New Jersey nears 19%
Harbor Group’s Jordan Slone (right) and Cammeby's International founder Rubin Schron (iStock)
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Mack-Cali Realty CEO Mahbod Nia and River Centre in Red Bank (Mack-Cali)
Mack-Cali offloads Red Bank office complex for $84M
Mack-Cali offloads Red Bank office complex for $84M
Amazon signs lease with Lincoln Equities for 360K-sf warehouse in Rutherford
Amazon signs lease with Lincoln Equities for 360K-sf warehouse in Rutherford
Amazon signs lease with Lincoln Equities for 360K-sf warehouse in Rutherford
Woodbridge Corporate Park at 485 US-1, Iselin, NJ (KBS, Google Maps)
New Jersey office park sells for $88M
New Jersey office park sells for $88M
A rendering of The Pinnacle (Kislak)
Luxury rental complex in Fort Lee sells for $55M
Luxury rental complex in Fort Lee sells for $55M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...