After securing more than $146 million in construction financing for the transformative project earlier this year, shovels have hit the dirt on The District at 15fifteen in Parsippany.
A joint venture of Ohio-based Stanbery Development Group, Claremont Development Group of Morristown and New York’s PCCP LLC celebrated the groundbreaking May 23 for the three-building, 498-unit community coming to 1515 Route 10. The District at 15fifteen will also include approximately 60,000 square feet of high-end and local retailers, full and quick-service restaurants, and boutique fitness and specialty services.
Spread across two buildings, the luxury rentals – a mix of studio, one- and two-bedroom apartments – are set to include 42 affordable and 49 age-restricted (55 and over) units, according to the JV.
The first phase of work will entail a four-story, wood-framed building with two exterior courtyards. Phase two will be a five-story, wood-framed building surrounding an 853-space parking deck with one exterior courtyard. Additional parking will be available from 209 surface spaces, with optional valet parking. Both options will service all of 15fifteen, across residents, retail customers and visitors.
Move-ins are slated to begin in fall 2024, with the retail and restaurant spaces set to debut a year after that.
With a “pedestrian first” town center design, the developers say the community is poised to provide an anchor to the developing area.
“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,” Marc Hays, partner, Acquisitions and Leasing at Stanbery Development Group, said in a statement. “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.”
Parsippany-Troy Hills Mayor James Barberio celebrated the effort.
“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 N.J.,” he said.
“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, 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 JV cited high-profile area corporate tenants including Wyndham Worldwide, Avis/Budget Group, Tiffany & Co. and Zoetis.
“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,” Dorne continued. “The District at 15fifteen has something for everyone.”r