Pfizer Pharmaceuticals’ decision to close its Peapack & Gladstone headquarters has added to the flurry of corporate exits from Somerset County New Jersey. Residents are justifiably concerned about the loss of the borough’s largest tax revenue generator. This is just one of several challenges the town’s municipal leaders currently face, as the compact 6-square-mile borough also prepares for NJ’s ongoing Affordable Housing mandate, explores creative ways to meet the needs of downsizing residents wishing to age in place, and works to expand existing public open space and trails.
The repurposing of Pfizer’s magnificent 145-acre former corporate property presents an elegant solution which addresses each of these challenges.
Recognizing this property’s immense potential, the plan would deliver to Peapack & Gladstone an idyllic, upscale senior living environment for individuals aged 55 and older. Evoking the charm of a traditional New England college campus, the manicured grounds offer safe, walkable trails winding through covered arched walkways and landscaped courtyards. Classically designed brick and copper-clad buildings encircle its’ iconic, centrally located clock tower, as a grand entrance and circular driveway lead to over 400 subterranean parking spaces.
Within the campus grounds, 200 age-restricted townhomes, condominiums, and affordable housing units will introduce a diverse variety of senior living arrangements. The project will also focus on repurposing the property’s ten existing interconnected buildings (480,000 square feet total) into a high-end facility to include independent living, assisted living and memory care services. Indoor amenities such as library/reading rooms, activity spaces, dining areas, fitness center, and more will be offered. The campus will also feature a boutique hotel offering short-term rental opportunities to meet the needs of visitors, local snowbirds, traveling nurses, and other extended-stay guests.
Preceding its tenure as Beneficial Finance and Pfizer corporate headquarters, the picturesque tract was the farmstead of the Allen, Booth and Hill families, serving the community for generations. We aim for this property to once again serve the community in new and significant ways. In support of Peapack & Gladstone’s Open Space and Recreation Plan, approximately 40 undeveloped acres will be dedicated to the borough, fulfilling approximately 50% of its open space inventory goal. Additionally, a long-desired end-to-end Borough Greenbelt Trail System will finally become reality as the property’s existing walking paths interconnect borough trails.
We are committed to redeveloping this unique property to help generate greater tax revenue for Peapack & Gladstone, help the borough meet future Affordable Housing obligations, offer more housing options for its long-time senior residents, and expand its open space and trail system. The adaptive reuse of the former Pfizer corporate property showcases the transformative impact of public-private partnerships, demonstrating how collaboration can deliver creative solutions to pressing municipal challenges.
With gratitude to W. Barry Thomson for providing vintage images from his personal Hill family archives.
