PARSIPPANY, N.J.--(BUSINESS WIRE)--A joint venture of Stanbery Development Group, Claremont Development, and PCCP, LLC has broken ground on The District at 15fifteen -- a master-planned, mixed-use development in the heart of Morris County, New Jersey. New York Life Insurance Company is providing the construction loan for the project.
Located at 1515 Route 10 in Parsippany, N.J., The District at 15fifteen will feature approximately 60,000 square feet of high-end and local retailers, full and quick-service restaurants, boutique fitness and specialty services, along with a 498-unit luxury apartment community. The three-building, streetscape-style complex will serve as a one-of-a-kind destination that encourages community gatherings with year-round programming such as farmer’s markets, music in the park, food trucks, and family movie nights.
“By bringing new job, commercial, and housing opportunities to Parsippany, this exciting project takes a stagnant property and creates unique and vibrant possibilities that are part of the fabric making Parsippany one of the best places to live, work, and play in NJ,” said Mayor James R. Barberio.
The District at 15fifteen will feature 498 thoughtfully designed luxury rental homes, including 42 affordable units and 49 age-restricted units for residents 55 and over. Spread across two buildings and comprising a mix of studio, one- and two-bedroom units, phase one will be a four-story, wood-framed building with two exterior courtyards and phase two will be a five-story, wood-framed building wrapping an 853-space parking deck with one exterior courtyard. An additional 209 surface parking spaces will also be available with the option of valet parking. Both areas will service the entire development, offering easy access for both residents, retail customers and visitors.
The District at 15fifteen will feature high-end interior finishes and amenitized common spaces tailored to the work-from-home lifestyle. Residents will enjoy access to a full suite of resort-style, modern amenities including a fitness center, yoga studio, pool, lounge area, conference center, co-working/work-from-home options, and dog spa. The 49 age-restricted units will also include access to their own private lobby and amenities including a fitness center, co-working area, party room, and roof deck.
“Over the last several years we have seen Parsippany, and specifically the stretch of Route 10 between Interstate 287 and Route 202, experience an immense transformation with an influx of national retail, restaurant, and hotel options aimed at serving both residents and the large daytime worker population in Morris County,” said Marc Hays, Partner, Acquisitions and Leasing at Stanbery Development Group. “We, alongside our partners at Claremont Development and PCCP, saw an opportunity to cater to that growing need and anchor this bustling section of the Route 10 corridor with not only a high-quality, mixed-use environment, but a new, vibrant town center that cannot be found anywhere else in the region.”
The “pedestrian first” town center design of The District at 15fifteen will provide access for vehicles as well as pedestrian crosswalks that create a livable and walkable design for locals, visitors and the tens of thousands of workers whose headquarters and offices can be found in the area, including Wyndham Worldwide, Avis/Budget Group, Tiffany & Co. and Zoetis, among others.
“As young working professionals continue to seek out accommodations in nearby urban centers, suburban-based companies have been challenged with attracting and retaining a talented workforce,” said Maximilian Dorne, Partner at Claremont Development. “The District at 15fifteen will provide the amenities and modern living options millennials crave and serve as a significant tool for attracting and retaining a qualified pool of employees and employers in Parsippany and the surrounding area. The ability to seamlessly walk to the community’s commercial core for a cup of coffee, morning yoga class, business lunch, or dinner and drinks with friends, caters to this group as well as the active lifestyles of 55 and older residents. The District at 15fifteen has something for everyone.”
The District at 15fifteen has been approved by the New Jersey Department of Transportation to complete roadway improvements that will enhance vehicular circulation to both Route 10 East and West, as well as provide a tie-in to the Dryden Way jug handle. The road improvement will provide a direct connection to the Dryden Way ramps at Route 10 and to the office park immediately across Route 10, formerly known as the Mack-Cali office park, without so much as hitting a traffic light. The direct connection will provide a regional benefit by removing vehicle trips through the intersection of Route 10 and Route 202 while opening an alternative point of access for several other commercial properties.
First move-ins are slated for Fall 2024 with the retail and restaurant portions slated for completion in Fall 2025.
To learn more about The District at 15fifteen please visit: https://www.district1515.com/
About Stanbery Development Group
Stanbery Development Group is a real estate development firm specializing in the acquisition, development and redevelopment, leasing, and asset management of retail driven projects. Since our founding in 2000, Stanbery has been focused on real estate throughout the eastern United States and has developed approximately $1 billion of commercial real estate. Stanbery’s success has been built on a team with a unique blend of talent that covers all aspects of the development and redevelopment life cycle. We couple our agility and quick decision making, with the full range of industry experience and knowledge found in a large firm. As the retail climate has changed, Stanbery has adapted its core focus and now concentrates on mixed-use development, highlighting the synergies between various commercial uses such as multifamily, hotel and retail.
About Claremont Development
Claremont Development is a real estate development firm that focuses primarily on ground-up development of multifamily, industrial, and mixed-use projects throughout New Jersey. We leverage our in-house expertise and strategic partnerships to navigate all elements of the development and construction process in order to minimize our risks and maximize returns. Our ability to identify, acquire, entitle, design, finance and construct projects has set Claremont apart from our competitors. Our core investment strategy focuses on transit-oriented multi-family development opportunities in strong demographic locations, adaptive re-use projects in underutilized urban downtowns, strategic development projects that require substantial environmental remediation efforts, as well as underutilized / off-market properties that can be transitioned into higher density community centers or industrial space.
Claremont Development is responsible for over $2.0 billion of ground up development projects.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $21.0 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $36.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About New York Life Insurance Company
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
2Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).