MORRISTOWN, NJ-The developer Mill Creek Residential has acquired the first piece of property in the Speedwell Avenue Redevelopment Area close to downtown here, and expects to begin construction of a 268-unit apartment complex that will open in 2014.

The single-building development, called Latitude, is the first large residential development to get going in Morristown in nearly four years.

In the mid- to late 2000s, the core downtown area was revived as a transit-oriented, pedestrian-friendly community, and hundreds of condominiums and rental units were added in several blocks around its central historic green. But the Speedwell redevelopment at the edge of downtown ran smack into the speed wall of economic recession.

Mill Creek's Rich Murphy says the long-delayed project, which is planned to have two additional phases, is now back on track. “Morristown has established itself as a sought-after destination that offers an exceptional quality of life,” he said in a statement, “and we look forward to contributing to the vibrancy of its downtown district with a thoughtfully-conceived development that will serve as a true asset to the community.”

Work will commence with demolition of several existing and little-used structures, including the town's Department of Public Works facility, which is to be relocated, according to Morristown Mayor Timothy P. Dougherty. A part of the project also involves creating an extension of Prospect Street through the Latitude site in order to connect Early and Clinton streets and improve traffic flow in the area, the mayor said.

Latitude, which will offer studio, one-, two-, and three-bedroom upscale rentals, was designed with a 357-space parking garage incorporated into the structure, in addition to a slew of amenities. The building will have a fitness center outfitted for cardio, strength, spin and yoga; a rooftop resort-style deck; a lounge with fireplace; business center with computer stations; and a game room.

The apartments will have nine-foot ceilings and walk-in closets, and some will have patios/balconies and lofts. Twenty-six of the units will be designated as “affordable,” and available to income-qualified renters.

“Latitude has been specifically designed to blend into the fabric of the existing neighborhood,” Murphy said. The building also will feature “green” elements, such as energy-efficient technology and storm-water management systems, he said.

Dougherty has commended Mill Creek for working cooperatively with the community to achieve “a well-designed development that will complement Morristown's unique character.”

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