Transforming the Corporate Landscape In Bergen County: 495 New Housing Units Approved for Franklin Lakes
Franklin Lakes is embarking on one of its most significant residential transformations in decades. Following a prominent trend across Bergen County, the borough has officially approved a major development plan for a portion of the former Cigna campus.
Marsha A. Stoltz of NorthJersey.com has detailed the Planning Board’s green light for the Inclusionary Development portion of this project. The plan will reshape a critical section of the nearly 96-acre prime real estate tract. For current residents and prospective buyers, this development signals a new era for the Franklin Lakes housing inventory.
In this post, we break down the finalized details of the Parsons Pond Road development and what it means for the Franklin Lakes community.
Table of Contents
The Vision: Revitalizing Dormant Corporate Land
By the Numbers: 495 New Multifamily Units
Preserving Character: Clustered Design & Open Space
Impact on the Local Real Estate Market
The Broader Franklin Lakes Affordable Housing Plan
The Vision: Revitalizing Dormant Corporate Land
Located off Parsons Pond Road (near Old Mill Road), this site was once a bustling hub for corporate giants like IBM (1971 to 1993) and Cigna (2018 to 2022). As the demand for massive suburban office footprints has waned, Franklin Lakes has pivoted toward a more sustainable residential use for the land.
The approved plan transforms this sprawling corporate campus into a modern, multi-generational residential neighborhood. By integrating housing into this specific pocket of the borough, the town is effectively revitalizing a passive asset without encroaching on established single-family neighborhoods.
By the Numbers: 495 New Multifamily Units
The scale of the developer led project is impressive, totaling 495 multifamily units. This is an inclusionary development, meaning a percentage of units is dedicated to affordable housing.
- Market-Rate Units: These units are expected to attract a diverse demographic, from professionals looking for an entry point into the lucrative Franklin Lakes market to empty nesters downsizing while remaining in town.
- Developer-Provided Affordable Units: In accordance with standard inclusionary set asides (often 12.5–15%), the project will include a vital number of affordable units built directly into the site plan. The most recent amended agreements specify that 62 affordable family rental units will be included within the 495 unit total.
- Diverse Housing Types: The zoning change permits a mix of apartment style living and modern townhomes, providing a variety of layouts.
Preserving Character: Clustered Design & Open Space
A primary concern for Franklin Lakes residents is preserving the borough’s distinctive low-density feel and wooded character. The development plan addresses this by utilizing a clustered design.
- Conservation: While the corporate campus encompasses nearly 96 acres, the residential footprint will be minimized to protect natural areas. Significant portions of the land are designated for conservation, maintaining the borough’s natural aesthetic.
- Community Amenities: The project is slated to include high-end lifestyle features common in modern Bergen County redevelopments, potentially including walking trails, community clubhouses with pools, and fitness centers. The trail network is planned to integrate with existing trails in the northwest corner of the site.
Impact on the Local Real Estate Market
For decades, the Franklin Lakes market has been defined by high acreage, single family luxury estates. The addition of multifamily units introduces a crucial missing middle to the local inventory.
- Increased Accessibility: This project provides an opportunity for those who want the Franklin Lakes lifestyle, municipal amenities, and school system, but prefer maintenance free living.
- Inventory Relief: With Bergen County seeing near historic lows in single family inventory in 2026, the influx of market rate luxury rentals or townhomes will provide much needed options for buyers and renters alike.
The Broader Franklin Lakes Affordable Housing Plan
It is important to note that the 495 unit project is only part of Franklin Lakes’ overarching strategy to meet its Third and Fourth Round affordable housing obligations.
In addition to the 62 affordable units built by the developer, the settlement agreement provides for a separate conveyance of 3.5 acres of land within the Cigna site to the borough.
On this donated parcel, the borough has partnered with a separate developer (RPM Development Group) to construct a 100% affordable housing project consisting of 71 additional units.
This comprehensive approach allows the borough to create nearly 600 total new units of housing while significantly advancing its state mandated housing goals.
Stay Informed on Franklin Lakes Real Estate
Whether you are a neighbor watching the progress on Parsons Pond Road or a prospective buyer waiting to see the first townhome designs, the landscape of Franklin Lakes is shifting.
Are you curious about how this new development might affect your property value or interested in exploring future opportunities in the area? Contact us today, we are your local experts on the ground in Franklin Lakes.
