PARSIPPANY — Construction is underway at the new Modera luxury apartment complex on IMS Drive.
Parsippany’s inventory of apartments will soon be growing. Mill Creek Residential, a firm with over 15,000 rental units across the country, started construction earlier this year on IMS Drive (behind the new Houlihan’s) to erect 212 luxury one and two bedroom rental units. The complex will be named Modera. Parsippany Focus visited Modera 44 in Morristown a few months after it opened on December 5, 2014. Modera 44 in Morristown and Modera in Parsippany will share many of the same amenities and will be similar in appearance.
At a Board of Adjustment meeting in 2015, several residents expressed concern that with 212 new apartments in Parsippany, the local schools may become over-crowded. At that time, Richard Murphy, a Managing Director with Mill Creek told Parsippany Focus that with 90% of the 268 total units now rented in Morristown, only one child currently attends the Morristown school district. Murphy expects few school age children at the Parsippany location as well.
The Modera 44 complex in Morristown offers Studio Apartment, One Bedroom Apartments and Two Bedroom Apartments. Monthly rents range from $1,999 for a 488-square-foot studio to $4,277 for a 1,655-square foot, two-bedroom, two-and-a-half bath apartment. Utilities are separate. Apartments are unfurnished.
Parsippany Focus reached out to the management office in Morristown for an update, but as of now still didn’t receive a return call.
A number of builders have expressed an interest in Parsippany. Stanbery Development will be presenting to the Parsippany-Troy Hills Planning Board in January to develop the property located at 1515 Route 10.
Originally they were seeking to build 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 242 residential units.
Sources close to Parsippany Focus told us that the 50-room hotel and the 61,500 square feet office space is not in the current plans, and the retail office space, restaurant space as well as the residential units still remain, although they plan to build more than the original 242 residential units. The property is located between Parsippany and Hanover.
Other locations will be published in Parsippany Focus as more details become available.