PARSIPPANY, NJ – Live. Stroll. Work. Play. Enjoy. Welcome to PARQ Life Reimagined. Officials broke ground yesterday on 275 multifamily residences at the exciting new multi-generational community. Located at 500 Parq Lane in Parsippany, PARQ will encompass townhomes, multi-family residences, onsite retail, open green spaces and state-of-the-art amenities.

Haytham Haidar, Managing Director of PARQ, paid homage to Benjamin Franklin, one of our nation’s Founding Fathers, as his constant fortitude and persistence is an inspirational reminder that this project is not just about building, it is a special journey in the creation and progression of PARQ Life Reimagined – a great legacy that each of us get to play a key role.

“Life is about progress and evolution,” Haidar said. “We stood here on December 2nd to break ground on PARQ Life Reimagined and now, six months later, we stand here together again, and we see where we have come and the beautiful direction in which we are going.”

“This groundbreaking is not just about the literal meaning of the word,” he continued. “It is about the synergy, talent, design, engineering and infrastructure that continues to evolve. We are building a legacy that will be enjoyed by the entire community for generations to come. We cannot wait to see this story unfold.”

“This is a celebration,” said Joe O’Neill, the event’s emcee. “We are going to give residents the best of all worlds, here in the suburbs with great access to the city, as well as fantastic Parsippany restaurants and shopping opportunities. This has been such a great partnership, and everyone involved has brought something unique to it.”

“This project will be good for the township of Parsippany-Troy Hills,” said Parsippany Mayor James R. Barberio. “I am looking forward to working with PARQ. My office is an open-door policy, and I will be here for any help you need.”

Pat DelleCava, Business Manager for Local 102 IBEW, said, “I just wanted to thank our great friends Haytham and the Milelli brothers for creating these opportunities, we are really eager to get back here and take this dusty site and transform it into the crown jewel of Parsippany.”

Located at the junction of I-287 and I-80, the project will be completed in two phases will ultimately transform the former Lanidex Plaza in Parsippany. “One of the key components to the site is the open space, the essential green spine that runs down the site in an east-west axis, providing for outdoor Wi-Fi space with touchdown points where folks can take calls, walk to lunch, etc.,” said Stuart A. Johnson, AIA, Principal of Minno Wasko Architects and Planners. “We have also designed buildings to have wide corridors, oversized elevators and touchless access in a post-covid world.”

Anthony Milelli, Principal Director of PARQ, took to the podium to express how PARQ will instill a new sense of community and placemaking by celebrating the balance of health, happiness and well-being.

“We believe the property, its excellent location, transportation network, infrastructure, accessibility and prominence in the community is the forefront of the new beginning and new chapter in its storied history,” said Milelli. “Therefore, after the tireless and passionate efforts of so many remarkable people, we present PARQ – a community that will present a variety of options to live, work, play and most importantly, one that will embody a sense of pride, be a pillar in the community and leave a legacy that will be enjoyed for years to come.”

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PARSIPPANY, NJ – The landscape is about to be transformed at the former Lanidex Plaza in Morris County. Parq Builders, the developer of PARQ Life Reimagined, closed on a $91 million construction financing with two leading global insurance institutional real estate investors on May 13.

The deal will finance 500 Parq Lane, which includes 275 multifamily residences. The firm that handled the transaction was JLL in Morristown, NJ a world leader in real estate services. Parq Builders has also announced the project’s General Contractor is Belle Contractors from Parsippany. Construction activities started on May 17 and is expected to be completed by the first quarter of 2024. The total development value for 500 Parq Lane is $119 million.

As PARQ’s first luxury multi-family building, 500 Parq Lane will tout green design elements, as well as smart building and home features that promote wellness. These features include Energy Star® appliances and lighting fixtures; windows with Low-E coating; low flow water fixtures; programmable thermostats, and electric car charging stations in each building’s parking garage. The building will also feature an elegant welcoming lobby with motor court drop off; upscale club suite; private event room; children’s playroom; state-of-the-art fitness center; a resort-style pool with outdoor BBQ and lounging areas, and co-working alcoves.

Haytham Haidar, Managing Director of PARQ, noted this development will usher in a new era in 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,” Haidar added.

PARQ will create a new sense of community and placemaking by celebrating the balance of health, happiness and well-being. “Urban renewal and revitalization projects are vital to stimulate the economy, enhance property values and instill a sense of civic pride,” said Anthony Milelli, Principal Director of PARQ.

Murphy Schiller & Wilkes LLP is acting as finance counsel for PARQ and Garofalo O’Neill Ruggierio, LLC is acting as land use counsel. “We are pleased to be working on this exceptional and transformational project,” said Charles J. Wilkes, Partner at Murphy Schiller & Wilkes LLP. “It is a really great partnership among the lender, ownership and the professionals involved.”

Located near I-287 and I-80, PARQ residents can be at the Port Authority Bus Terminal in New York City in just over an hour via the NJ Transit^® Parsippany-Troy Hills Park/Ride. For those who are up for more of an adventure, the world’s most admired cities are just hours away via Newark International Airport, John F. Kennedy International Airport and LaGuardia Airport.

PARQ’s vision is for the revitalization to seamlessly integrate the design of the project into the existing fabric of the community. The overall transformation of the 23-acre portion of the former Lanidex Plaza will conclude in 2025.

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PARSIPPANY, NJ – The next phase for PARQ Life Reimagined, located at the former Lanidex Plaza in Morris County, has begun as the site’s developer closes on a $37M loan with Interaudi Bank of New York City on March 2nd. The loan will fund site works for the overall development and other activities, inclusive of the demolition of existing buildings, as well as the installation of water, sewer and drainage lines, paving, grading and curbing, the roadway network and PARQ Lane Boulevard. Site work will be completed by Esposito Construction in Old Bridge. Looking to the future, PARQ is expected to close on the financing for Phase 1 of the project, which includes 275 multifamily units, in Spring 2022.

The approved plan will be implemented in two phases. The first phase includes Multi-Family Building 1, which features 275 multi-family residences, convenience retail, indoor and outdoor amenity space and ample parking. It will also highlight 75 clustered courtyard townhomes with two-car garages. The townhomes, which are currently under contract to be built by Ryan Homes, will feature contemporary farmhouse-style architecture with access to a clubhouse and outdoor pool. Convenient, master-down home designs are also available. An athletic field, concession building, restrooms and playground are also included in the first phase.

The second phase includes Multi-Family Building 2, which features 250 multi-family residences, convenience retail, indoor and outdoor amenity space and ample parking.

The two luxury multi-family buildings tout green design elements, as well as smart building and home features that promote wellness. These features include Energy Star® appliances and lighting fixtures; windows with Low-E coating; low flow water fixtures; programmable thermostats, and electric car charging stations in each building’s parking garage. Each multi-family building also features an elegant welcoming lobby with motor court drop off; upscale club suite; private event room; children’s playroom; state-of-the-art fitness center; a resort-style pool with outdoor BBQ and lounging areas, and co-working alcoves.

Haytham Haidar, Managing Director of PARQ, noted how this project will usher in a new era in 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,” Haidar added.

PARQ will instill a new sense of community and placemaking by celebrating the balance of health, happiness and well-being. “Urban renewal and revitalization projects are vital to stimulate the economy, enhance property values and instill a sense of civic pride,” said Anthony Milelli, Principal Director of PARQ.

Located near I-287 and I-80, PARQ residents can be at the Port Authority Bus Terminal in New York City in just over an hour via the NJ Transit® Parsippany-Troy Hills Park/Ride. For those who are up for more of an adventure, the world’s most admired cities are just hours away via Newark International Airport, John F. Kennedy International Airport and LaGuardia Airport.

PARQ’s vision is for the revitalization to seamlessly integrate the design of the project into the existing fabric of the community. The overall transformation of the 23-acre portion of Lanidex Plaza will conclude in 2025. “This new, authentic neighborhood will be upscale, welcoming and humble,” said Haidar. “At PARQ, the best is yet to come.”

Murphy Schiller & Wilkes LLP is acting as finance counsel for PARQ and Garofalo O’Neill Ruggierio, LLC is acting as land use counsel. “We are pleased to be working on this exceptional and transformational project,” said Charles J. Wilkes, Partner at Murphy Schiller & Wilkes LLP. “It is a really great partnership among the lender, ownership and the professionals involved.”

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Emcee Joe O’Neill welcomed an enthusiastic crowd filled with local and state officials, as well as businesses and media representatives from Morris County and beyond. Anthony Milelli, Principal Director of PARQ, took to the podium to express how PARQ will instill a new sense of community and placemaking by celebrating the balance of health, happiness and well-being. “Urban renewal and revitalization projects are vital to stimulate the economy, enhance property values and instill a sense of civic pride,” he said.

Back in the late 60s, PARQ was formerly known as Olson’s Farm prior to being rezoned as an office park called Lanidex Plaza that served Parsippany for may years, according to Robert Garafolo, Principal Attorney of PARQ. “But just like Olson’s Farm, Lanidex Plaza became less active and less vibrant, and the owners decided it needed to be redeveloped or repurposed,” Garafolo. “After some negotiation, we have since created PARQ Parsippany. Now and in the future, PARQ is going to be a very valuable, magnificent asset to the town of Parsippany.”

Haytham Haidar, Managing Director of PARQ, noted how this project will usher in a new era in 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,” Haidar added.

The approved plan will be implemented in two phases, according to Haidar. The first phase includes Multi-Family Building 1, which features 275 multi-family residences, convenience retail, indoor and outdoor amenity space and ample parking. It will also highlight 75 clustered courtyard townhomes with two-car garages. The townhomes will feature contemporary farmhouse-style architecture with access to a clubhouse and outdoor pool. Convenient, master-down home designs are also available. An athletic field, concession building, restrooms and playground are also included in the first phase.

The second phase includes Multi-Family Building 2, which features 250 multi-family residences, convenience retail, indoor and outdoor amenity space and ample parking. The residences will allow the Township of Parsippany to fulfill part of its state-mandated affordable housing obligations.

The two luxury multi-family buildings tout green design elements, as well as smart building and home features that promote wellness. These features include Energy Star® appliances and lighting fixtures; windows with Low-E coating; low flow water fixtures; programmable thermostats, and electric car charging stations in each building’s parking garage. Each multi-family building also features an elegant welcoming lobby with motor court drop off; upscale club suite; private event room; children’s playroom; state-of-the-art fitness center; a resort-style pool with outdoor BBQ and lounging areas, and co-working alcoves.

PARQ will ensure physical spaces reflect community values. “The result will be a compelling neighborhood that will transform Parsippany into a place where people are conveniently connected by foot, bike, car or public transport,” said Haidar.

Located near I-287 and I-80, PARQ residents can be at the Port Authority Bus Terminal in New York City in just over an hour via the NJ Transit® Parsippany-Troy Hills Park/Ride. For those who are up for more of an adventure, the world’s most admired cities are just hours away via Newark International Airport, John F. Kennedy International Airport and LaGuardia Airport.

PARQ’s vision is for the revitalization to seamlessly integrate the design of the project into the existing fabric of the community. The transformation of the 23-acre portion of Lanidex Plaza will conclude in 2025. “This new, authentic neighborhood will be upscale, welcoming and humble,” said Haidar. “At PARQ, the best is yet to come.”

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