Denville Residential Development Site Denville NJ

Execute CA

The Offering

Address

3027-3045 Route 10
Denville, NJ 07834

Overview

As exclusive agent, Cushman and Wakefield is pleased to offer a 100% fee interest in the Denville Residential Development Site (the “Property”) for sale.
 
Located at 3027-3045 Route 10 in Denville, NJ, this sale represents the rare opportunity to acquire a residential development site of scale in affluent Morris County. The property consists of 3 contiguous parcels totaling 20.2 acres with frontage along Route 10.
 
The property has been identified per Denville’s Master Plan for multi-family development and zoning has been put in place for 120 units comprised of 86 market rate and 24 affordable housing units.
 
The strategic location along Route 10, one of the area’s primary east/west retail and commuting corridors, allows for immediate access to Interstates 80 and 287, as well as the area’s employment centers of Morristown, Parsippany, and Florham Park. Major employers headquartered in close proximity to the site include Novartis, BASF, GAF, Honeywell, MetLife, Realogy, Prudential, and Bayer.
 
This development opportunity is being offered unpriced and bids will be accepted on an as-is, as well as subject-to approvals, basis. A call for offers date will be announced.

Investment Highlights

• Zoning in place allowing for expedited development approvals for up to 120 non-age restricted housing units of which 24 must be affordable

• Strategically positioned to capture demand from the aging millennial workforce migrating to the suburbs

• Frontage along Route 10 allowing for ease of access to Interstates 80 & 287 and Routes 202, 46 and 24

• Average household income within 1 mile of the site of $179,665

• Located across the street from the Shoppes at Union Hill featuring a Trader Joe’s grocer, Starbucks, Five Guys, Panera Break and Qdoba

• Numerous corporate headquarters are located in close proximity to the site including Bayer, MetLife, New York Jets, BASF, Summit Medical Group, Novartis Pharmaceutical, and Mondelez International

Siteplan

Property Summary

Address Block / Lot Site Size Max Units Per Zoning
3027-3045 Route 10, Denville, NJ 21401 / Lots 1,2,3 20.2 Acres 120 Apartments (96 Market Rate & 24 Affordable)

Location

Investment Sales

 
BRIAN J. WHITMER
Vice Chairman
+ 1 201 508 5209
brian.whitmer@cushwake.com

ANDREW J. MERIN
Executive Vice Chairman
+ 1 201 460 3358
Andrew.merin@cushwake.com

DAVID W. BERNHAUT
Executive Vice Chairman
+ 1 201 460 3356
david.bernhaut@cushwake.com

GARY GABRIEL
Vice Chairman
+ 1 201 460 3356
gary.gabriel@cushwake.com

RYAN W. DOWD
Director
+ 1 201 508 5278
ryan.dowd@cushwake.com

PETER WELCH
Financial Analyst
+ 1 908 938 9716
peter.welch@cushwake.com