50-room hotel, 90,700 square feet of retail space, 45,000 square feet of restaurant space, 61,500 square feet of office space and 242 residential units planned
PARSIPPANY — The Parsippany-Troy Hills Township Council, at last weeks agenda meeting, voted to formulate a resolution to designate 1515 Route 10 (Lot 1.2, Block 200) as an Redevelopment Area pursuant to N.J.S.A. 40A:12A-1 et seq.
The resolution will be presented to the Council at the meeting that starts at 7:30 p.m. at Parsippany Municipal Building, 1001 Parsippany Boulevard.
The property known as Intel Corporate Center, located at 1515 Route 10, was recently sold to Stanbery Development, LLC.
The sale was arranged by Colliers International. It was reported Stanbery Development, LLC., paid $14.1 million for property. The three-story buildings, which total 288,742 square feet, are currently triple net leased to the Intel Corporation through December 31, 2015. Intel, a global company and maker of semiconductor chips, has vacated the property.
The first building is 213,742 square feet and features a dramatic atrium with marble floors, while the second building is 75,000 square feet. Both assets provide a total of 930 feet of frontage on Route 10 and feature on-site amenities including a full-service cafeteria, professional gym facility, conference areas, and an outdoor terrace with seating.
On March 12, when Parsippany Focus received the press release announcing the sale, (click here for story) the new owners have yet to announce their plans for the property, described as a well-located two-building asset in the heart of the Parsippany market, which will likely draw attention from a wide array of space users.
The property is divided between the Township of Parsippany-Troy Hills and Hanover Township. 17.052 aces are located within Parsippany and 5.92 acres are located in Hanover Township.
On April 1, just 18 days later, the attorneys for Stanbery Development submitted a letter to the Township Council applying to designate the property as redevelopment.
In their proposal the development contemplates a 50-room hotel, 90,700 square feet of retail space, 45,000 square feet of restaurant space, 61,500 square feet of office space and 180 one bedroom units and 62 two bedroom units.
The project is projected to generate revenues of approximately $1.6 million annually that are anticipated to accrue to Parsippany Township, which is close to 2.5 times greater than the existing revenues.
According to their proposal the residential development is projected to generate 410 new residents including 12 school-age children. This reflects the number of total units and the number of proposed bedrooms within the project.
An affiliate of Stanbery Development, LLC and the developer/owner of The Shoppes at Union Hill in Denville acquired the complex.
Included in their letter to the Township Council was a detailed Fiscal Impact Study and Feasibility Study for Redevelopment Area Designation.