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]


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