PARSIPPANY — Stanbery Development Group, Claremont Development, and PCCP* development team have obtained a $146.6 million loan for the multi-structure, mixed-use development to be constructed at 1515 Route 10. The influx of capital by New York Life will be used to fund all construction costs from start to finish.
The project, “The District at 15fifteen,” is a three-building development that will offer apartments ranging in size from studios to three-bedroom configurations. These will consist of both market-rate and affordable housing units.
Plans also call for many upscale retail and restaurant options and a multi-story parking garage.
The development is replacing a 288,742-square-foot office complex on the 17-acre site, which has already been torn down ahead of construction.
In December 2020, revisions to the proposed District at 1515 project and a related financial agreement were advanced by Parsippany-Troy Hills Township Council, including nearly 500 housing units.
The project began with a proposed 250 residential units and was approved at 441 before the requested revisions.
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 was 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.
Stanbery Development, LLC., paid $14.1 million for property in March 2015.
*Editors Note: PCCP is a real estate investment and capital management company with offices throughout the eastern United States, with projects in Hoboken, Lynbrook, Philadelphia, and Cliffside Park. Claremont Development is a real estate firm focused primarily on the ground-up development of multifamily, industrial, and mixed-use properties throughout New Jersey. Stanbery Development Group, LLC is a real estate development firm specializing in the acquisition, development, leasing, and asset management of retail-driven projects.