Major Parsippany Development, With Hundreds Of Homes, Moves Toward Demolition, Site Work

PARSIPPANY, NJ — A 23-acre redevelopment project set to transform a former Parsippany office complex took steps toward demolition and site work. PARQ Parsippany's developers closed March 2 on a $37 million loan to fund work on the complex, which will bring retail, green space and hundreds of homes to the township by its projected completion in 2025.

The financing gives Esposito Construction the green light to begin infrastructure work at the former Lanidez Plaza office park by Routes 287 and 80. The loan lays the groundwork for demolishing the site's existing buildings, along with installing water, sewage and drainage lines and paving, grading and curbing the roadway network and PARQ Lane Boulevard.

Developers for the project — alternatively titled PARQ Life Reimagined — have said that the major endeavor will usher in a new era for Morris County.

“PARQ will forge us into the 21st century with state-of-the-art facilities, vast and welcoming green spaces for the community to enjoy, a recreational complex open to residents and sports programs to utilize and enhanced revenue as a result of the site’s modernization," said PARQ Managing Director Haytham Haidar.

But like many development projects that would add homes to Parsippany, residents have brought up concerns about whether they would overburden the school system.

The approved plan for constructing PARQ Parsippany includes two phases. The first phase includes Multi-Family Building 1, which includes 275 multi-family units, convenience retail, indoor and outdoor amenity space and ample parking.

Phase 1 will also include 75 clustered courtyard townhomes with two-car garages. The townhomes will feature contemporary, farmhouse-style architecture, with access to a clubhouse and outdoor pool.

Developers expect to close Phase 1's financing this spring.

The second phase includes Multi-Family Building 2, which will have similar features as the other multi-family building but with 250 units instead of 275. Each of the two buildings will include a club suite, private event room, children's playroom, fitness center, pool and other amenities.

“This new, authentic neighborhood will be upscale, welcoming and humble,” Haidar said. “At PARQ, the best is yet to come.”

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