Morristown-based Rarefied Real Estate Partners was selected as the exclusive commercial retail leasing broker for River Park Town Center, an 88-acre, new construction, mixed-use lifestyle destination located in Hanover Township of affluent Morris County.
Developer Eden Wood Realty, headquartered in Whippany, said the development consists initially of two phases. Phase I offers a mixed-use, pedestrian-friendly town center with 967 luxury residential rental units; 80,000 square feet of retail; two brand-name extended stay hotels; and several outdoor dining spaces and open plazas. The second phase consists of a multifamily residential building with up to 500 luxury units and an 18,000-square-foot office property.
The development includes access to Patriots Path, a regional trail system traversing Morris County.
The property site lies at the intersection of Interstates 287 and 80 and Routes 10 and 24. The ground-up development will create a modern town center for Hanover, complete with a tenant mix of coveted retail brands, fine dining concepts, two hotels, a gourmet market, coffee roastery concept, an office property and almost 1,000 luxury residential rental units. First commercial occupancies are anticipated in spring 2023. First residential occupancies are anticipated in fall 2022.
“We are extremely proud to represent Eden Wood Realty’s River Park Town Center,” said Richard Rizzuto, principal and managing partner of Rarefied Real Estate Partners. “We will be leveraging our network of regional, national and global brands to curate the most dynamic mix of commercial tenants most appropriate for a development of this caliber. We will be introducing all the amenities that sophisticated consumers demand, such as upscale apparel and electronics retailers, boutique wine bars, gourmet coffee roasters and chefs’ markets anchored by destination restaurants and entertainment venues.”
“We chose Rarefied Real Estate Partners from a sea of larger national brokerages because they impressed us with their personalized approach to curating an ideal commercial tenant mix while maintaining a substantial global network of brands,” said Thomas Stagen, president of Eden Wood Realty. “We are confident that Rarefied Real Estate Partners will be pivotal in realizing our vision to make River Park Town Center the prime retail and entertainment destination in all of Morris County.”
Hasbrouck Heights-based DMR Architects is the architect of record for the first town center in Hanover Township’s 220-plus-year history.