Parsippany redevelopment plan moves forward with more retail space

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]