Developers Open Mixed-Use Multifamily Property in New Jersey

The District at 15fifteen will include affordable and age-restricted apartments.

The District at 15fifteen. Image courtesy of Thriven Design

A joint venture of Stanbery Development Group, Claremont Development and PCCP has broken ground on The District at 15fifteen, a master-planned mixed-use development featuring 498 apartments in Parsippany, N.J.

The project is expected to cost upwards of $200 million. In January, New York Life Insurance Co. provided a $146.5 million construction loan for the project. A Cushman & Wakefield team arranged the floating-rate loan for the three-building, streetscape-style complex. The property will feature a town center to encourage community gatherings such as farmers’ markets, music in the park, food trucks and family movie nights.

First move-ins are slated for fall 2024, with the retail and restaurant portions of the multi-phase project expected to deliver a year later. Located at 1515 Route 10, The District at 15fifteen will include two residential towers, 60,000 square feet of high-end and local retailers and full and quick-service restaurants, boutique fitness and specialty services. Apartments will include 42 affordable units and 49 age-restricted units for residents 55 and over.

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 around an 853-space parking deck with one exterior courtyard. An additional 209 surface parking spaces will also be available, offering valet parking. Both parking areas will service the entire development and offer easy access for residents, visitors and retail customers.

Thriven Design is the property architect and will also supervise engineering, interior and planning efforts. The residential buildings will have high-end interior finishes and amenitized common spaces tailored to a work-from-home lifestyle. Amenities for residents will include a yoga studio, pool, lounge area, conference center, coworking space and dog spa. The 49 age-restricted units will have access to a private lobby.

Marc Hays, partner, acquisitions and leasing at Stanbery Development Group, said in a prepared statement that there is a growing need for mixed-use options serving the daytime worker population in Morris County, specifically the stretch of Route 10 between Interstate 287 and Route 202.

The town center design of The District at 15fifteen will include access for vehicles as well as pedestrian crosswalks that create a walkable environment. The developers will also be making roadway improvements, approved by the New Jersey Department of Transportation, that will enhance vehicular circulation to Route 10 East and West and provide a tie-in to the Dryden Way jug handle, among other traffic enhancements.

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