Amidst a flurry of corporate exits from Somerset County New Jersey, Pfizer Pharmaceuticals has announced its plans to shut down its Peapack & Gladstone headquarters in 2025. 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. The compact 6-square-mile borough must also prepare for NJ’s ongoing Affordable Housing mandate and answer increased demand for downsized housing by residents wishing to age in place, while expanding public open space and trails.
The repurposing of Pfizer’s magnificent 145-acre former corporate property presents an elegant yet pragmatic solution to address these challenges. Recognizing this property’s immense potential, the plan would deliver to Peapack & Gladstone an idyllic, upscale senior living campus environment for individuals aged 55 and older.
Classically designed brick and copper-clad buildings encircle the property’s iconic, centrally located clock tower, evoking the charm of a traditional New England college campus. Safe, walkable trails wind through manicured grounds, covered arched walkways and landscaped courtyards. A grand entrance and circular driveway lead to over 400 subterranean parking spaces.
Along the campus’ outer ring, 200 age-restricted townhomes, condominiums, and affordable housing units will be introduced to accommodate a diverse group of seniors. The project’s second phase focuses on the property’s core, transforming its ten existing interconnected buildings (480,000 square feet total) into a high-end assisted living facility which will include independent living, assisted living and memory care services. These facilities will offer indoor amenities such as library/reading rooms, activity spaces, dining areas, fitness center, and more. 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 connect with borough trails.
We are committed to redeveloping this unique property to help generate greater tax revenue for Peapack & Gladstone. This project will also help the borough meet future Affordable Housing obligations, offer more housing options for its senior residents, and expand municipal open space and trails. 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.
