$200M Redevelopment Unveiled

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.