Politics & Government
Developers Break Ground On 325-Unit Rental Community In Parsippany
Construction is underway at a 26-acre property near popular shops, grocery stores and entrances to Route 80 and Route 46.
PARSIPPANY, NJ — A large redevelopment project, which is slated to bring 325 brand-new residences to the Township of Parsippany-Troy Hills, recently broke ground, Accurate, the Lakewood-based developer, announced on Monday.
The project, located at 100 Cherry Hill Road, will consist of two four-story buildings with 162 and 163 units, respectively, built above a ground-level parking garage.
A total of 65 of the residences will be designated for low- and moderate-income renters.
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The 26-acre property is near popular shops, grocery stores, and Route 80 and Route 46 entrances and is about one mile from the Mountain Lakes train station.
"We are excited to begin construction at 100 Cherry Hill Road in Parsippany," said Jack Klugmann, President and CEO of Accurate. "This project will bring much-needed rental housing to one of New Jersey’s most desirable suburban markets. It reflects the shared vision we have for this property, along with Mayor James Barberio and the Town Council, to create a community of lasting value that will serve Parsippany-Troy Hills residents for many years to come."
Find out what's happening in Parsippanyfor free with the latest updates from Patch.
The project's location in central Parsippany, according to the developers, will put residents in the heart of a vibrant stretch of Morris County, thriving with commerce, busy downtowns, and a stunning array of lakes, parks, and golf courses.
Waterview Marketplace, Parsippany's newest shopping center, is also a short drive away, where Whole Foods Market, HomeSense, Ulta Beauty, Old Navy, Shake Shack, and other brand-name retailers have opened up shop.
The first building is anticipated to be finished in the fall of 2023, according to Accurate. The completion of the second building is anticipated for the first quarter of 2024.
The Parsippany-Troy Hills Planning Board originally approved the project, which was initially proposed by the applicant, Morris Corporate Center VI, L.L.C. In early 2021, Accurate Builders and Developers acquired the project in a transaction handled by Cushman & Wakefield.
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