PARSIPPANY — A major redevelopment project is moving forward in Parsippany, as a joint venture has secured a $19.6 million construction loan to build a new 128,150-square-foot industrial facility at 7 Campus Drive.

Univest Bank and Trust Co. is financing the project, which will transform the former site of a vacant 156,000-square-foot office building. Developers Saxum Real Estate and Penwood Real Estate Investment Management LLC expect to deliver the modern warehouse and logistics center by late 2026.

Located just off Route 10 and minutes from Interstates 80 and 287, the new facility will feature 36-foot clear ceiling heights, 23 dock doors, two drive-in doors, a 130-foot truck court, 4,000 amps of power, and 103 parking spaces. Construction is already underway on the 10-acre parcel.

Cushman & Wakefield’s John Alascio, Chuck Kohaut, TJ Sullivan, and Mary Shin arranged the financing — the third loan Univest has provided to Penwood.

“This project exemplifies the continued evolution of northern New Jersey’s office-to-industrial transformation, where highly accessible, underutilized sites are being repositioned to meet demand for modern logistics facilities,” Alascio said. “Saxum and Penwood each have a reputation of delivering institutional-quality industrial assets, and we’re proud to have structured a financing solution that supports their vision for this exciting development.”

The joint venture acquired the property earlier this year through the Penwood Select Industrial Partners VII LP investment vehicle. According to the brokers, the facility’s design, heavy power capacity, and flexibility will appeal to last-mile distributors, regional logistics operators, and modern manufacturing companies. The site also offers two points of ingress and egress and sits within a one-hour drive of more than 11 million consumers, making it an attractive location in Parsippany’s growing industrial corridor.

PARSIPPANY — On Tuesday, December 2, the Parsippany-Troy Hills Township Council advanced two separate PILOT (Payment in Lieu of Taxes) agreements, approving both ordinances on first reading despite clear indications that large numbers of residents intend to oppose the projects at their final hearings.

The first ordinance concerns a tax-exemption agreement with PARQ Urban Renewal, LLC, approved by a 4–1 vote, with Councilman Matt McGraft voting against the measure. (ORDINANCE 2025:31)

The second ordinance involves a tax-exemption agreement with BBX Parsippany Urban Renewal, LLC, approved by a narrower 3–2 vote, with Councilmen Matt McGraft and Justin Musella voting in opposition. (ORDINANCE 2025:32)

Details of the PARQ PILOT

The PARQ development—located on the former Lanidex East property—already includes 275 apartments constructed by PARQ and 75 townhomes built by Ryan Homes. The newly proposed PILOT agreement seeks approval for:

• 1,102 additional apartments, including
  • 20% reserved for affordable housing (To be built in a separate building within the complex)
• 18,200 square feet of new retail space, including future restaurants
• An additional 110 townhomes to be built by Ryan Homes (not included in the PILOT financing structure)

If approved on second reading, the expansion would bring the total unit count on the property to well over 1,500 residential units.

Second Hearing Scheduled; Location May Change

A second and final public hearing is scheduled for Tuesday, December 16 at 7:00 p.m. at the Parsippany Municipal Building, 1001 Parsippany Boulevard. Due to anticipated resident turnout, township officials are reportedly considering relocating the meeting to a larger venue. Parsippany Focus will update this story if the meeting location changes.

Historical Context: Prior PILOT Disputes Drew Massive Crowds

Parsippany faced a similar situation in December 2023, when the outgoing council advanced several PILOT programs, prompting significant public backlash. More than 800 residents attended the rescheduled December 28 hearing held at the Parsippany PAL. Residents at the time argued that the facility was over capacity and lacked sufficient restroom facilities, though Parsippany Fire Officials did not order the meeting closed.

BBX PILOT Also Moves Forward

In addition to the PARQ agreement, the Council voted on first reading to advance a PILOT for BBX Parsippany Urban Renewal, LLC, the developer behind the new 140,031-square-foot commercial building at 20–30 Lanidex Plaza, visible from Parsippany Road adjacent to Parsippany Funeral Home.

Both ordinances will be considered for final adoption on December 16.

PARSIPPANY — M&T Bank proudly celebrated its official ribbon-cutting ceremony at the Parsippany Branch, marking the completion of its newly renovated facility. Members of the Parsippany Area Chamber of Commerce joined the celebration, along with Mayor James Barberio and Parsippany Economic Development Chairman Frank Cahill, who helped commemorate this important milestone.

The full branch team, together with M&T Bank’s dedicated Branch Partners, were in attendance to share in the occasion. Their commitment, teamwork, and customer-focused service continue to make the Parsippany Branch a valued resource for the community.

Frank Cahill, Chairman Parsippany-Troy Jills Economic Development, praised the investment and its impact on the area. “This newly remodeled branch reflects M&T Bank’s commitment to Parsippany,” he said. “Investments like this strengthen our local economy and ensure our residents receive the outstanding service they deserve.”

Jen Peel, Vice President Senior Branch Manager, also shared her enthusiasm for the upgraded branch and what it means for customers. “We’re thrilled to welcome the community into a refreshed, modern space designed to better meet their needs,” she said. “Our team is dedicated to providing exceptional service, and this renovation allows us to serve Parsippany with even greater efficiency and care.”

M&T Bank extends its appreciation to everyone who attended and supported the event. The team looks forward to continuing to serve the Parsippany community with the high level of service, partnership, and reliability that residents and businesses have come to expect.

M&T Bank is located at 240 Baldwin Road.

PARSIPPANY — Starting Thursday, January 1, 2026, New Jersey will implement a wave of new laws that will directly impact the daily lives of Parsippany residents—from hourly wages to commuting costs and veterans’ services.

Whether you’re clocking in at a local shop, driving to work across the Garden State Parkway, or supporting a loved one who served, these legislative updates are designed to respond to inflation, cost-of-living demands, and statewide infrastructure funding.

Minimum Wage Set to Increase Statewide

The New Jersey Department of Labor has announced updated hourly wage thresholds that go into effect on January 1:

• Employees at companies with six or more workers: $15.92 (up 43 cents)
• Seasonal and small business employees (fewer than six employees): $15.23 (up 70 cents)
• Agricultural workers: $14.20 (up from $13.40)
• Long-term care direct care staff: $18.92 (up 43 cents)
• Tipped workers (base cash wage): $6.05 (up from $5.62) Employers are still responsible for ensuring tipped workers earn the full minimum wage when tips are included.

The increase reflects the state’s commitment to matching wage standards with inflation. Labor Commissioner Robert Asaro-Angelo said the adjustments “bring New Jersey closer to a livable wage for working families.”

Toll Hikes Target Key Roadways

Commuters across Morris County, including many in Parsippany-Troy Hills, will see toll increases as early as January 1:

• New Jersey Turnpike & Garden State Parkway: A 3% rate increase
• Delaware River Joint Toll Bridge Commission crossings (to PA): $2 with E-ZPass, $5 without E-ZPass (effective date pending final notice in mid-December)
• Port Authority crossings (George Washington Bridge, Lincoln and Holland Tunnels): A 25-cent increase is expected in early January, pending a vote scheduled for December 18

With Routes 80, 287, and 46 forming critical commuter routes in Parsippany, many local drivers are likely to feel the impact during routine travel.

New Support for New Jersey Veterans

In addition to financial updates, the state is expanding access to services for veterans, including job placement, housing resources, and mental health support. Details will be available in early 2026. Morris County’s Office of Veterans Services is expected to play a key role in helping residents navigate the changes.

As more information becomes available, Parsippany Focus will continue to provide updates on how these laws are implemented across the township and greater Morris County.

PARSIPPANY — Local merchants are gearing up for Small Business Saturday, the annual nationwide effort encouraging shoppers to support neighborhood stores and independent entrepreneurs. On Saturday, November 29, residents will have the opportunity to explore Parsippany’s diverse mix of restaurants, boutiques, service providers, and specialty shops—many of which will be offering exclusive promotions and community-focused activities.

Small Business Saturday has become a cherished tradition in Parsippany, where small businesses make up a significant portion of the township’s economic landscape. For many shop owners, the day marks the unofficial kickoff to the holiday shopping season and provides a much-needed boost in visibility and sales.

Some of the local merchants preparing to welcome shoppers this Small Business Saturday include Cerbo’s Parsippany Greenhouse, Greenhill’s Pharmacy, ThirsTea, Envy Sports Club & Pool, and Cottage Flowers, each offering unique products and services that highlight the diverse small-business community thriving in Parsippany.

A listing of Parsippany merchants for Small Business Saturday can be found by clicking here.

Township leaders are encouraging residents to take advantage of the day by shopping locally, discovering new businesses, and reconnecting with longtime favorites.

“Small businesses are the heartbeat of Parsippany, and this weekend is our chance to show them how much the community values their hard work and resilience,” said Frank Cahill, Chairman of the Parsippany-Troy Hills Economic Development Committee and Executive Board Member of the Parsippany Area Chamber of Commerce. “When residents choose to shop small, they’re not just making a purchase—they’re investing in the people who make Parsippany a great place to live, work, and raise a family. I encourage everyone to visit our local shops and help keep our business community strong.”

The Parsippany-Troy Hills Economic Development Committee and the Parsippany Area Chamber of Commerce will continue promoting participating businesses throughout the week through social media outreach and community engagement efforts. Local officials note that the township’s thriving small-business sector contributes to job creation, community identity, and economic stability.

Many Parsippany merchants plan to showcase special sales, tastings, giveaways, and holiday gift ideas to make the day even more festive for residents. Shoppers will find a wide range of options, including family-owned eateries, bakeries, boutiques, wellness studios, salons, gourmet markets, and professional service providers.

Residents can also expect increased collaboration among civic groups, with volunteers and community leaders planning visits to various storefronts on Saturday to show appreciation and encourage others to shop locally.

Small Business Saturday takes place the day after Black Friday and serves as a reminder that strong communities are built by supporting the businesses that serve them year-round.

With enthusiasm building, Parsippany is poised for a strong turnout—and a powerful show of community pride—this Saturday.