PARSIPPANY — The vacant office buildings at 1515 Route 10 are finally being demolished to make room for new housing development.
In December 2020 revisions to the proposed District at 1515 project and a related financial agreement were advanced by Parsippany-Troy Hills Township Council which includes nearly 500 housing units.
The project began with a proposed 250 residential units and was approved at 441 before the requested revisions.
The District at 1515 also would eliminate two vacant buildings from Parsippany’s glut of vacant office space.
Under the revisions approved in December 2020, of the 57 units added, 49 would be age-restricted and would not add to any additional burden on the school system.
They are planning a summer 2023 opening of Phase I.
The project is estimated to bring in only $18.6 million through a PILOT program, $11.5 million of which would be generated by the housing-dominated Phase I residential building.
Phase II of this program is on hold due to COVID-19. Moving the retail portion, reduced from 100,000 to 60,000 square feet in the revision, to Phase II would “buy time” for the market to stabilize and produce new tenant partners.