PARSIPPANY — The Parsippany-Troy Hills Planning Board got its first look at the PARQ proposal on Monday, March 9 in a meeting that was the first of several scheduled in the coming weeks.
The plan is for an upscale mixed-use development encompassing 75 high end townhomes, 525 luxury apartments, 16,000 square feet of experiential retail, invigorating green spaces and state of the art facilities to be known as PARQ Parsippany.
It will also include athletic fields and recreational facilities that will be integrated into the community for public events, sports programs and open to Township residents.
PARQ Parsippany will usher in a new era of Lanidex Plaza, a suburban office complex built in the mid 1970’s to early 1980’s set on 45 acres with 450,000 square feet of commercial office space.
The transformation from Lanidex Plaza to PARQ Parsippany will meet the demand of the ever-changing needs of lifestyle for the next generation while reacclimating the property back into the fiber within Parsippany’s community.
Proposal includes 525 apartments located in Buildings 1 and 2 and 75 three-bedroom Townhomes. In addition Building 1 will contain approximately 2,600 square feet of retail (orange area) and Building 2 will contain approximately 8,140 square feet of retail (orange area).
The Owners’ have carefully considered and listened to the Township to develop a vision that will reenergize the property and seamlessly integrate it with the design and planning to transcend expectations and compliment the community.
The transformation of the property will commence with Phase I and II in Summer 2020 with anticipated completion in 2025. The development plan was crafted to accommodate the existing tenants in the complex.
The residential component will include luxury apartments with elegant hotel style lobby, club suite, co-working alcoves, private event rooms, state-of-the-art fitness centers, resort-style pools with BBQ & lounge areas and townhomes which will feature contemporary farmhouse style architecture with a private clubhouse, outdoor pool and highly amenitized indoor & outdoor spaces.
Phase I includes the development of the 75 Townhomes. It is estimated that phase will take sixteen months to complete. Phase II includes Building 1, expected to take twenty months to complete. Phase III (Building 2) will start construction approximately twelve months after the completion of Phase II, and will take approximately twenty months to complete.
The next hearing will be Monday, April 6 at 7:30 p.m. at Parsippany Municipal Building, 1001 Parsippany Boulevard.
Click here to view the Planning Board Meeting of Monday, March 9.
