A joint venture of Stanbery Development Group, Claremont Development, and PCCP, LLC has broken ground on The District at 15fifteen – a master-planned, mixed-use development in the heart of Morris Couny. New York Life Insurance Company is providing the construction loan for the project.
Located at 1515 Route 10 in Parsippany, The District at 15fifteen will feature approximately 60,000 square feet of high-end and local retailers, full and quick-service restaurants, boutique fitness and specialty services, along with a 498-unit luxury apartment community. The three-building, streetscape-style complex will serve as a one-of-a-kind destination that encourages community gatherings with year-round programming such as farmer’s markets, music in the park, food trucks, and family movie nights.
“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 NJ,” said Mayor James R. Barberio.
The District at 15fifteen will feature 498 lluxury rental homes, including 42 affordable units and 49 age-restricted units for residents 55 and over. Spread across two buildings and comprising a mix of studio, one- and two-bedroom units, phase one will be a four-story, wood-framed building with two exterior courtyards and phase two will be a five-story, wood-framed building wrapping an 853-space parking deck with one exterior courtyard. An additional 209 surface parking spaces will also be available with the option of valet parking. Both areas will service the entire development, offering easy access for both residents, retail customers and visitors.
The District at 15fifteen will feature high-end interior finishes and amenitized common spaces tailored to the work-from-home lifestyle. Residents will have access to a full suite of amenities including a fitness center, yoga studio, pool, lounge area, conference center, co-working/work-from-home options, and dog spa. The 49 age-restricted units will also include access to their own private lobby and amenities including a fitness center, co-working area, party room, and roof deck.
“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,” said Marc Hays, partner, acquisitions and leasing at Stanbery Development Group. “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.”
The “pedestrian first” town center design of The District at 15fifteen will provide access for vehicles as well as pedestrian crosswalks that create a livable and walkable design for locals, visitors and the tens of thousands of workers whose headquarters and offices can be found in the area, including Wyndham Worldwide, Avis/Budget Group, Tiffany & Co. and Zoetis, among others.
The District at 15fifteen has been approved by the New Jersey Department of Transportation to complete roadway improvements that will enhance vehicular circulation to both Route 10 East and West, as well as provide a tie-in to the Dryden Way jug handle. The road improvement will provide a direct connection to the Dryden Way ramps at Route 10 and to the office park immediately across Route 10, formerly known as the Mack-Cali office park, without so much as hitting a traffic light. The direct connection will provide a regional benefit by removing vehicle trips through the intersection of Route 10 and Route 202 while opening an alternative point of access for several other commercial properties.
First move-ins are slated for Fall 2024 with the retail and restaurant portions slated for completion in Fall 2025.
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