PARQ finalizes development financing and gives Esposito Construction the green light to begin infrastructure works at the former Lanidex office complex in Morris County.
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.”
The PARQ development team includes: Garofalo O’Neill Ruggierio, LLC, Real Estate Law; Murphy Schiller & Wilkes LLP; Esposito Construction; Minno & Wasko, Architects and Planners; Design 446, Marketing and Advertising; Greystar Real Estate Partners; Langan Engineering & Environmental Services; Melillo + Bauer Associates, Landscape Architects, and Mary Cook Associates, Interior Design.