A joint venture led by Claremont Development, Stanbery Development Group, and PCCP has closed on a $146.6 million loan to redevelop a vacant commercial campus into a vibrant mixed-use community in Parsippany, New Jersey. The property is located near the Route 10-Dryden Way exit and will debut as The District at 15fifteen.
To help foster a sense of community, the development’s 498 units will be accompanied by more 58,000 square feet of retail space including a variety of local businesses, bars, and restaurants. The campus will also have a parking lot for 1,062 vehicles.
Residents will also have access to a private pool, a roof deck, indoor and outdoor lounge space, multiple fitness centers, conference rooms, and sports simulator rooms. The central outdoor plaza will be activated with walking paths, benches, and flexible green space for public events.
Rendering of The District at 1515 in Parsippany, New Jersey
“We are thrilled to have closed on The District at 15fifteen with New York Life,” said Claremont Development partner Jeff Bastow. “We are extremely proud of this transformative project and appreciate New York Life’s ability to quickly understand the nuances of this multi-phased development.”
Prior to The District redevelopment, the property served as an office complex for the Intel Corporate Center and comprised around 289,000 square feet. Stanbery Development Group acquired the property in 2015 and later partnered with Claremont Development and PCCP to form the joint venture.
When complete, the new project will have a total footprint of 450,000 square feet. Construction costs are estimated at $208 million. Cushman & Wakefield arranged the floating-rate loan for the joint venture.
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Drive by the site this morning. It looks like they’ve already demolished the old structures and broken ground for new foundations. Should be a nice improvement to a rather large piece of land across from the Parsippany Hilton.