Parsippany's $1.2M view: Drone video shows big development with luxury villas taking shape

William Westhoven, Morristown Daily Record
·4 min read
6

From low-income apartment rentals to new luxury villas selling for $1.2 million or more, the first phases of a massive inventory of new residences are nearing completion in Parsippany.

State affordable housing mandates that also allow for big market-rate developments have spurred a building boom in North Jersey − including more than 1,400 new units currently under construction in Parsippany, already Morris County's most populous community.

The most high-profile is likely the new Parq complex rising at the intersection of Routes 80 and 287. A recent drone flight over the property revealed a six-story apartment building and driveways taking shape, next to a huge dirt lot that will eventually be home to more housing, shops and an athletic field.

There's more to come. With six new redevelopment projects receiving controversial "PILOT" tax breaks last month in Parsippany recently, groundbreakings are expected for hundreds of additional units over the next two years.

The projects have been fueled in part by the state Supreme Court's 1975 Mount Laurel Doctrine which found the state constitution requires New Jersey municipalities to provide their "fair share" of low and moderate-income housing, and to remove any exclusionary zoning. Another ruling in 2015 shifted oversight of those obligations to the state courts. That's allowed builders to seek approvals for large projects from local judges as long as 20% of the units would qualify as low-income housing.

Here's an update on the three biggest housing developments currently underway in Par-Troy.

PARQ Life reimagined

Rising next to the intersection of interstate 80 and 287 in the old Lanidex office park, Parsippany's largest redevelopment project greets visitors with a sign at its entrance off Parsippany Road: "Luxury villas from $1.2M."

That's a hefty price tag, but 120 of the 600 residential units at PARQ Life Reimagined will be designated as affordable housing. Those units are being built to the same standards and finish as the market-priced units, according to Managing Director Haytham Haidar.

"There's no distinction between affordable and market-rate, they're all the same," Haidar said. "The residents will not know the difference."

On the high end at PARQ, 75 villa homes, separate from the main apartment buildings, will feature up to 4,200 or more square feet of living space, three bedrooms and 3.5 baths. "High-end finishes" including elevated farmhouse exteriors, black-trimmed windows, quartz countertops, wide plank hardwood flooring, two-car garages, finished basements and more.

Construction continued on Jan,. 4 at the PARQ Life Reimagined development in Parsippany, where about 600 units are rising close to the intersection of Routes 80 and 287.
Construction continued on Jan,. 4 at the PARQ Life Reimagined development in Parsippany, where about 600 units are rising close to the intersection of Routes 80 and 287.

PARQ also will include a retail component with stores and restaurants.

The construction underway at the site represents a first project phase that will include 275 multi-family residences, convenience retail, indoor and outdoor amenity space and parking. It will also include 75 clustered courtyard townhomes with two-car garages, an athletic field, a concession building, restrooms and a playground area.

Construction began in June 2022. The first stage is scheduled to be completed and available in April, Haidar said. Building will begin for the second phase later this year, with 250 more residential units.

The District at 15fifteen

Work is underway at District at 15fifteen, a mixed-use development replacing two office buildings along Route 10 East in Parsippany.
Work is underway at District at 15fifteen, a mixed-use development replacing two office buildings along Route 10 East in Parsippany.

Work began on the site of this mixed-use project along Route 10 in late 2022. An official groundbreaking took place in May.

When finished, the project will include 498 apartments sitting atop 60,000 square feet of ground-floor space for retail shops, restaurants and other businesses. It's a joint venture of Stanbery Development Group, Claremont Development and commercial real estate investors PCCP.

District at 15fifteen is replacing two vacant office buildings along eastbound Route 10 that were demolished in 2022. Part of the negotiations to close the deal with the township, which was awarded a PILOT deal, included an agreement to include 42 residential units that qualify as affordable housing, along with 49 age-restricted units for residents 55 and older.

The first move-ins are scheduled for the fall of 2024 with the retail and restaurant portions slated for completion in fall 2025.

Development fights, school lawsuits: The Morris County storylines that may dominate 2024

100 Cherry Hill Road

Edison-based Accurate Builders plans 325 apartments at 100 Cherry Hill Road, in the old Morris Corporate Center.
Edison-based Accurate Builders plans 325 apartments at 100 Cherry Hill Road, in the old Morris Corporate Center.

Replacing another office building in the Morris Corporate Center, 100 Cherry Hill Road, is mostly hidden from casual view. It first 162 rental apartments were expected to be completed last fall, but are not yet available for occupancy. The second phase, with 163 units, is scheduled for completion by May.

Principals at Edison-based Accurate Builders said 65 units at the property have been designated for low and moderate-income renters.

Rental rates have still not been set, the company said.

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: Drone video shows new housing complex rising