The District at 1515
Update
01/20/23
Devs Land $146.6M for Multi-Building Mixed-Use Project in Parsippany
A joint development team, consisting of Stanbery Development Group, Claremont Development, and PCCP, has just obtained a $146.6 million loan for a multi-structure, mixed-use development, set to rise at 1515 Route 10, in Parsippany, New Jersey. Issued by New York Life, this influx of capital will be used to fund all construction costs from start to finish.
To be known as "The District at 15fifteen", the 3-building development will offer apartments, ranging in size from studios to 3-bedroom configurations. These will consist of both market-rate and affordable housing units.
Tenant amenities are to include state-of-the-art fitness centers and simulator rooms, a roof deck with a private pool, a lounge area, and a conference center.
Plans also call for a large quantity of upscale retail and restaurant options (spanning square feet), as well as a multi-story parking garage, with enough room for vehicles.
Designed by , The District at 15fifteen will primarily consist of 4 stories, with a few sections featuring 5 floors. The buildings will total about square feet altogether.
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.
The project will also require a partial remapping of traffic, due to the lot's close proximity to a highway exit ramp.
