Another big Parsippany project underway as rentals replace Cherry Hill offices
PARSIPPANY — Another major housing project has gotten underway in town, as developers continue turning a local surplus of unwanted office space into rental units.
Unlike two high-profile construction projects begun recently along Routes 80 and 10, this residential project is mostly hidden from casual view in an office park off Cherry Hill Road.
Two four-story buildings are under construction at the site in the Morris Corporate Center. The first, consisting of 162 rental units, is expected to be complete in time for occupancy in the fall. The second, with 163 units, is scheduled for completion in the first quarter of 2024.
They'd add another 325 units in a township already experiencing a major building boom, thanks to the supply of unwanted office space and pressure to build affordable housing. Nearby, by the intersection of routes 80 and 287, construction is ongoing at the PARQ site, which will add 600 new homes at the former Lanidex office park. To the south, along Route 10, the District at 1515 project is adding another 500 apartments and retail space.
Construction at the 100 Cherry Hill Road complex began last year. The project is replacing two vacant office buildings that were previously demolished. Tax records show the 26.6-acre property sold for $11.25 million in January 2021.
“This project will bring much-needed rental housing to one of New Jersey’s most desirable suburban markets,” said Jack Klugmann, the CEO of Accurate Builders, the Edison-based company developing the site. “It reflects the shared vision we have for this property, along with Mayor James Barberio and the town council, to create a community of lasting value."
Parsippany sued: Lawsuit says Parsippany ignored request for emails and texts of councilman under fire
Farmers market: Parsippany Farmers Market hopes new location, vendors help it succeed where others failed
Township officials say the projects will help Parsippany reduce its glut of unoccupied office buildings, the victims of a post-COVID, remote-work era in which large companies have less need for space.
All three projects also include a percentage of units set aside to help Parsippany meet its court-mandated affordable-housing obligation. Accurate said 65 units at the Cherry Hill property have been designated for low and moderate-income renters.
The annual tax bill on the property was $270,414 in 2020.
William Westhoven is a local reporter for DailyRecord.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.
Email: wwesthoven@dailyrecord.com
Twitter: @wwesthoven
This article originally appeared on Morristown Daily Record: Parsippany NJ: Cherry Hill Road housing development gets underway
