REAL ESTATE

Mixed-use project to create a new downtown in Parsippany, N.J.

BY Marianne Wilson

A new downtown will come to Parsippany, New Jersey, with the debut of The District at 15fifteen, a mixed-use project that will encompass dining, upscale fitness, services, retail and residential space.

The project, located in the heart of Route 10, will also reconfigure traffic in the densely traveled area, said project owner and co-developer Stanbery Development Group. Being developed in partnership with Claremont Companies, the project’s redevelopment plan was approved by Parsippany-Troy Hills and Hanover Townships.

“This will provide an urban experience that appeals to today’s professionals, who want the convenience of living and playing near where they work,” said Mark Pottschmidt, a Stanbery partner.

Located on Route 10 in New Jersey’s Morris County between Interstate 287 and Route 202, The District at 15fifteen will consist of 100,000 sq. ft. of retail and 441 apartments adjacent to major corporate office parks, and a hotel in Hanover Township, all adjacent to major corporate parks.

“This project will serve four critical roles for the community,” Pottschmidt added. “It will create a town center core that will be a destination for those who live in the community and work at the many nearby office complexes, redevelop a vacant office park, bring ‘top of market’ multifamily residential to Parsippany and the Route 10 corridor while helping to address the townships’ need for affordable housing, and reconfigure local traffic in a way that will benefit the entire area, especially the Routes 10 and 202 intersection.”

The restaurants will be geared toward the community, including upscale experiences, quick-service offerings and a great place to meet friends in a pedestrian atmosphere that will serve from breakfast through late-night. Retail will consist of upscale national and local retailers and specialty services such as boutique fitness facilities and a spa.

The residential complex will offer both market-rate and affordable apartments from studios to 3 bedrooms, and amenities including a fitness center, clubhouse and an interior open-air amenity deck.

Morris County is the 10th wealthiest in the United States. More than 146,000 people, with an average household income of more than $161,000, live within five miles of the District at 15fifteen.

To create The District at 15fifteen, Stanbery joined with Far Hills, N.J.-based Claremont Companies as joint venture partners. The complex will be laid out as a living streetscape, with pedestrian crosswalks to encourage walkability. The four-story residential buildings will lead into the commercial core, created as a Main Street design with sidewalk cafes, landscaping, benches, and decorative elements. Working in concert with the local community, year-round programming for the public such as a farmer’s market, music, movies in the park and community festivities, will enliven the square. Parking will ultimately accommodate 1,300 cars, located behind the commercial and residential buildings.

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