"The final phase of this redevelopment will solidify this site's transformation," Stephen Santola, EVP and general counsel of the Parsippany-based Woodmont, tells Globest.com. "This medical/office building will provide an incredible environment and location for its occupants."
The medical aspect of the building is being driven by the proximity of several major hospitals in the region. Among them are St. Clare's Hospital campuses here and in Denville, St. Barnabas Medical Center in Livingston, Morristown Memorial Hospital and Hackettstown Regional Medical Center.
And Woodmont has hired the Bernardsville-based Clancey Realty Group to find tenants for the three-story asset, with that firm's president, Frank Clancey, handling the assignment. Designed by the architectural firm of Rotwein & Blake, the building is being marketed as a condominium offering companies the opportunity to either lease or own their space.
"This represents an exceptional opportunity for professionals as well as corporations, regional and local business owners and organizations that are seeking prime medical or office space," says Clancey, in a statement. "This state-of-the-art office building is one of the few new developments available in the I-80/Morris County corridor, and we therefore anticipate very strong demand. …"
The initial phase of Woodmont's redevelopment of the site added a 150,000-sf FedEx distribution center, completed in early 2007. Final site approvals for a hotel and the office building were received in late 2006 with the second-phase hotel, a 108-room Hilton Homewood Suites, currently under construction and slated to open in early 2009.
The redevelopment site is a former municipal landfill, used for that purpose from the early 1950s until the early 1970s. Formerly owned by the city, it subsequently underwent remediation to prepare it for redevelopment and was acquired by Woodmont in 2005.
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