The landscape is about to be transformed at the former Lanidex Plaza in Morris County, according to a Tuesday announcement from Parq Builders, the developer of PARQ Life Reimagined, which recently closed on a $91 million construction loan with two leading global insurance institutional real estate investors.
JLL helped facilitate the transaction, which closed May 13, and will finance 275 multifamily residences at 500 Parq Lane.
The general contractor for the project will be Belle Contractors from Parsippany.
As PARQ’s first luxury multifamily 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.
PARQ’s design intends to create a new sense of community and placemaking by celebrating the balance of health, happiness and well-being. The building will feature a 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 coworking 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 said in a prepared statement.
Located near Interstates 287 and 80, PARQ residents can be at the Port Authority Bus Terminal in New York City in just over an hour via the New Jersey Transit Parsippany-Troy Hills Park/Ride.
Construction activities started 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.
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.
Murphy Schiller & Wilkes LLP is acting as finance counsel for PARQ and Garofalo O’Neill Ruggierio LLC is acting as land use counsel.