PARSIPPANY — The Parsippany-Troy Hills Township Council approved a “Person-to-Person” transfer of a Plenary Retail Consumption Liquor License on Tuesday, January 19.
The license was previously owned by Ruby Tuesday (inactive Pocket License) and is being transferred to 1515, LLC. The owners of the property of 1515 Route 10 plan to build a total of 45,000 square feet of restaurant space and will most likely need a liquor license on the site. The Ruby Tuesday license was the only available license in Parsippany.
In April 2015, the Township Council voted on 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.
In the proposed development it 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.
