Search
 

$200M Redevelopment Unveiled

MORRISTOWN, NJ-The Speedwell Avenue plan would bring 650 residences and 35,000 square feet of new commercial space to town.

By Eric Peterson | Updated on November 25, 2008

MORRISTOWN, NJ-Mayor Donald Cresitello has unveiled formal plans for the Speedwell Avenue Redevelopment, carrying an estimated price tag of $200 million. The city council–in its dual role as the redevelopment agency–was slated to vote this week on a redevelopment agreement with Atlanta-based Trammell Crow Residential to set the project in motion, but a failure to generate a quorum because of the holiday week has put that vote off to Dec. 4.

“I do expect the vote to pass, because the Speedwell Avenue Redevelopment has been in the works for more than seven years,” Cresitello says, in a statement. “If we have to wait another week [to vote], it won’t make a big difference.”

The latest site plan is a slightly scaled back version of an earlier proposal, both designed by the locally based NK Architects. The previous version called for 800 housing units and 75,000 square feet of retail space on 12 acres along Speedwell Ave.; Early and Spring streets; and Clinton Place in this city’s downtown. The new plan–covered in the proposed redeveloper agreement with TCR–calls for 650 residences, 35,000 square feet of street-level retail and office space and 822 parking spaces on a site reduced by about one-third.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.