GREYSTONE PARK REUSE STUDY
Parsippany, NJ
Designed by Samuel Sloan to reflect the treatment ideals of Dr. Thomas Story Kirkbride, a pioneer in the field of mental health, the Greystone Park Psychiatric Hospital has been a stately presence in the Morris County landscape for over 130 years. Many of the complex's oldest and most significant structures have been vacant and deteriorating for several decades.
Urban Partners was retained by the State of New Jersey to examine the reuse potential for the iconic Main Building. We undertook a comprehensive analysis of real estate market opportunities and, working with our team of environmental and structural engineers and historic preservation architects, identified feasible reuse scenarios for the building.
For each alternative, Urban Partners produced a financial feasibility analysis detailing the estimated construction costs, an income/expenses analysis for on-going operations, a full range of private and public investment requirements necessary for project implementation, and potential revenue streams from reuse components that may support redevelopment.
