PARSIPPANY — Accurate Builders and Developers has acquired a site on Cherry Hill Road that is fully approved for the construction of 325 upscale apartments, in a transaction handled by Cushman & Wakefield. The property is located at 100 and 120 Cherry Hill Road and Upper Pond Road and designated as Block 136, Lots 44, and 76 on the Tax Map of the Township of Parsippany-Troy Hills.
Plans call for a two-building multifamily project known as The Morrison, with 65 units designated to serve low- and moderate-income renters. This is the former site of BASF, which was demolished about 15-20 years ago. BASF was a 120,000 square foot office building. There was also a prior approval for a 345,000 square foot office building, which was never constructed.
The Parsippany-Troy Hills Planning Board approved on January 6, 2020, to construct two five-story, 56,363-square foot apartment buildings. The buildings would hold a combined total of 325 dwelling units, with 162 dwelling units in one building and 163 in the other building. Twenty percent of the total units would serve as affordable housing.
They also approved the developer to install 608 parking spaces (with an additional 31 spaces to be banked). Of those 608 parking spaces, 268 would be indoors, on the first floor of the two buildings, and the remaining 340 spaces would be uncovered, surface parking.
C&W said each building is designed to provide four levels of residential units over ground-level parking. The site is in the vicinity of parks, lakes, and golf courses, along with retail and grocery stores, and is 10 minutes from downtown Morristown.
The Property is located in the Affordable Housing District 7 zone.