Move-ins underway at first luxury apartment building; 26,530SF in new retail leases signed
PARSIPPANY, NJ [June 24, 2025] – District 15Fifteen, a transformative mixed-use redevelopment along Route 10 in Parsippany, is rapidly becoming one of the region’s most dynamic “all-in-one” destinations. Following the successful spring launch of Smyth at District 15Fifteen, the first luxury residential building with 262 units, the development team is reporting over 26,530 square feet in new retail leases, bringing the retail component to a nearly 50 percent-leased milestone.
The project, a sweeping redevelopment of a former 290,000-square-foot antiquated corporate office campus, is a collaboration between Stanbery Development Group, Claremont Development and PCCP LLC. Pierson Commercial Real Estate is spearheading the retail leasing efforts.
“District 15Fifteen is setting the modern-day standard for today’s lifestyle, where the merging of modern residential living, best-in-class amenities and a dynamic downtown streetscape creates a hub for everyone – members of our residential, retail and restaurant community, nearby office workers and area residents and visitors,” said Stanbery’s Partner Marc Hays, who oversees the company’s leasing. “District 15Fifteen is transforming how people live, work and connect, while establishing a new carefully curated mix of dining, beauty, health and wellness tenants that are creating a new, dynamic destination benefiting both residents and the greater community.”
Upon completion of the entire project in early spring of 2026, District 15Fifteen will feature a pedestrian-friendly town-square-style footprint with 58,600 square feet of retail and restaurant space, 498 luxury apartment rentals and a Residence Inn by Marriott.
Diverse Retailers Join Growing Roster
Pierson Commercial Vice President Ryan Starkman, who leads the retail leasing team with firm President Jason Pierson, reports District 15Fifteen is attracting a robust mix of dining, lifestyle and service-oriented tenants. Recent additions include:
- Meximodo: As the Guinness World Record holder for its tequila selection, this trendy Mexican concept from LeMalt Hospitality Group has a strong following in Metuchen and an upcoming Jersey City location.
- Al-Basha: A Middle Eastern/Mediterranean dining experience, nationally recognized by USA Today.
- Haraz Coffee House: Offering authentic Yemeni coffee, along with food and other beverages.Brunswick
- Burger House: This new burger and chicken concept is from the Dream Big restaurant group.
- Moxie Salon and Beauty Bar: The largest New Jersey full-service salon and beauty bar offering hair and beauty services.
These new tenants join previous commitments from Kura Sushi and Burton’s Grill & Bar. Seven additional tenant leases are currently being finalized, totaling more than 15,000 square feet.
“This strong leasing activity underscores District 15Fifteen’s positioning as a key Morris County destination, offering a desirable location and a mixed-use concept that appeals to a diverse, upper-income consumer base,” Starkman said. “We are strategically building a retail tenant mix that will serve both District 15Fifteen residents and the broader community over the long-term.”
According to Pierson Commercial, remaining retail opportunities range from 1,200 to 6,000 square feet. The location offers prime visibility and accessibility, serving a residential base of 152,000 people and a daytime population exceeding 220,000 within a five-mile radius.
Residential Leasing Strong at Smyth, the First Phase of District 15Fifteen
Residential leasing at Smyth, the first of three apartment buildings within District 15Fifteen, is experiencing tremendous traction with units available for immediate occupancy. In addition to studio, one- and two-bedroom luxury apartments ranging from 554 to1,240 square feet, Smyth features an array of five-star lifestyle amenities. These include a state-of-the-art fitness center and movement studio, two central courtyards with a swimming pool, a sports simulator lounge, co-working offices, kid’s playroom, pet spa and a private party room.
“Leasing velocity at Smyth has been exceptionally strong since its launch, building great momentum into this summer season,” said Claremont Development Partner Jeff Bastow. “We are thrilled to welcome new residents and watch this dynamic community take its shape.”
Bozzuto Management Company oversees the property management of Smyth at District 15Fifteen, while future phases – Mason and Mason East, the latter designated as a 55+ community – are slated to debut later this year.
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Stanbery Development Group LLC is a privately held development and investment firm focused on acquisition, development, leasing and asset management of commercial real estate. The firm’s success has been built on a team with a unique blend of talent that covers all aspects of the development life cycle. By leveraging its ability to make agile decisions like a boutique company on projects of various sizes and locations, the Stanbery team also brings a full range of industry experience and knowledge associated with a large firm.
Claremont Development is a New Jersey-based real estate development firm specializing in ground-up multifamily, industrial and self-storage projects. With deep in-house expertise and strong strategic partnerships, Claremont manages all aspects of the development lifecycle – including acquisition, entitlements, design, financing and construction – to minimize risk and maximize returns. Since its formation in January 2019 following a spin-off from Claremont Construction (est. 1954), the firm has led over $2 Billion in development projects.
PCCP LLC is a leading provider of commercial real estate debt and equity capital solutions nationwide. Established in 1998, the firm’s hands-on investment management team has raised, invested or managed over $42.9 Billion of institutional capital. An established investment manager for global investors with offices in New York, San Francisco, Atlanta and Los Angeles, PCCP invests across the capital stack, from joint venture equity to senior and mezzanine debt, while seeking to identify the best risk-adjusted returns. As of December, 2024, the firm has $25.3 Billion in assets under management and 1,273 total investments.
Pierson Commercial Real Estate was established in 2011 and is a leading retail commercial real estate brokerage firm. Headquartered in Marlboro, NJ, with an office in New York City, the company’s client base encompasses real estate developers, as well as approximately two dozen regional and national retailers throughout New Jersey. Pierson’s retail leasing and property marketing assignments total over 70 listings and 6 million square feet of retail space across major downtown redevelopments, new construction and existing retail shopping centers.