Construction started today on CopperWood Senior Living, a $200 million luxury senior housing development in Peapack, New Jersey.
Former Pfizer campus set for adaptive reuse
The site, once the corporate campus of Beneficial Finance and later Pfizer, will be transformed into a 214-unit community. Designed by Bob Hillier in 1979, the ten-building complex has been nominated for the National Register of Historic Places.
The joint venture behind the conversion includes Distinctive Living Development, Melillo Equities and PointsFive. Construction firms Davis Construction, Arc Construction and design studio Meyer Design are handling the build, while Distinctive Living will operate the finished community.
PointsFive and Melillo acquired the property in 2024 and received land-use approval from the Peapack-Gladstone board in 2025. This August, the partners secured $84.7 million in bond financing from Ziegler to fund the assisted-living and memory-care sections.
Located at 400 Essex Blvd., the campus sits near Route 206, roughly 12 miles from Lyons Medical Center. The mix will feature 118 independent-living units, 66 assisted-living and 30 memory-care apartments, with more than 50 floor plans ranging from 350 to 1,760 sq ft.
Residents will have access to a fitness center equipped with a pool, spa and sauna, a sports bar, a bistro bar, and outdoor tennis and pickleball courts. Parking will be underground with electric-vehicle charging, and an arts venue called Wellington Hall Performing Arts Center will host cultural events.
The redevelopment gives seniors a modern, full-service environment within a historic setting, potentially easing demand on nearby medical facilities and offering a communal space that blends care with leisure.
Key campus features such as the 10-megawatt solar field, courtyards, clocktower, garden paths, circular drive and gatehouse will remain intact. A nature preserve with walking trails and the on-site restaurant CopperWood Chophouse will stay open to the public.
According to local reports, the new development will have a positive impact on the local community, providing jobs and stimulating economic growth. The project’s completion is expected to have a significant impact on the local senior living market, and it is expected to be a popular choice for seniors in the area.
