MORRISTOWN, NJ-Anyone visiting downtown Morristown these days would have a hard time missing the downtown redevelopment progress. As Morristown positions itself to accommodate an influx of people who are buying and renting luxury housing units at these residentially focused mixed-use projects, the town’s retail landscape is changing notably.
As leasing agent for more than 100,000 square feet of Morristown retail space--much of it being built to support this new residential inventory--Cushman & Wakefield, Inc.’s Rick Rizzuto is highly in tune with this upscale shift, including what concepts are being targeted, which tenants are leasing and where and what the future will likely bring for the town.
"Some powerful developers are investing a lot of money in Morristown, with the aim to increase the town’s wealthy population," Rizzuto tells GlobeSt.com Rosewood, alone, has some $500 million in mixed-use projects underway, including 40 Park on the Green and the Metropolitan at 40 Park. "We are seeing multi-million-dollar condo units sell on a regular basis," he adds. "If things continue in the current direction, the near-term shift in the town’s mix of residents and the retailers in place to support them will be pretty vast."
In the case of Rosewood, the 40 Park penthouses are more than 60% sold. And the rental units at The Metropolitan and Highlands are 30% and 95% leased, respectively. Meanwhile, Vail Mansion is 95% sold. "Other high-profile building owners, including Rreef and Olnick-Fisher, are poised to take advantage of the momentum as well at places like Headquarters Plaza and 1776 on the Green," says Rizzuto.
And there has also been movement on the retail side. The Shoppes on the Green--the amenities component of 40 Park--includes nearly 24,000 square feet of street retail. To date, Rizzuto says that Cushman & Wakefield has signed leases with AT&T and two restaurant concepts, including a gourmet burger concept and an upscale steakhouse, committing almost half of that square footage to them. "For the remaining square footage we have interest and are in talks with a technology-focused electronics retailer, various health clubs, and are pretty far down the path with a well-known national coffee company aggressively looking to become a part of the 40 Park project," he says. "In addition, we are looking to bring in boutique retailer--clothing companies, book stores and the like-- as well as other restaurant concepts and a high-end grocer next door at the Metropolitan to round out the tenant mix."
Cushman & Wakefield is also in talks with a few New York City-based operators and a bank for the 12,000 square feet available at Vail mansion. The Highlands at Morristown Station--one of New Jersey’s first designated Transit Village developments--adds another 8,000 square feet of class A retail space to the town.
Meanwhile, 1776 on the Green has an, 8,000-square-foot upscale restaurant space available and "28 Park Place is suitable for an 'open late' food tenant to service the bar crowd after hours," Rizzuto says. Headquarters Plaza also has two retail locations--2,277 square feet and 6,000 square feet.
"The bottom line is that Morristown’s infrastructure is evolving to meet increasing residential demand on and around the green," Rizzuto continues. "The new housing projects and support retail are creating a positive momentum."
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