PARSIPPANY — The Parsippany-Troy Hills Planning Board’s unanimous approval for the construction of a warehouse, replacing the current three-story, Class B vacant office space of 68,000 square feet, reflects a significant shift in the area’s land use and economic priorities. This decision comes after the building has remained vacant for approximately four years, indicating challenges in attracting new office tenants or the changing nature of workspaces, possibly influenced by trends such as remote work.
The application by S/K 3 Century Associates, LLC., for approval to construct a 64,800-square-foot warehouse, along with parking and related site improvements, on a five-acre lot where a vacant office building from 1974 currently stands. This move signifies a strategic pivot towards accommodating the logistics and distribution sector, which has seen burgeoning growth due to the rise in e-commerce and changing consumer habits.
The project’s approval signifies that it aligns with local zoning laws and planning regulations, which have been adapted to encourage industrial or mixed-use developments in response to changing economic landscapes.
The total valuation of this property stands at $5,815,200.00, with the land itself being valued at $3,006,000.00 and the additional improvements on the property coming in at $2,809,200.00. Annually, it generates $189,866.28 in property taxes.
