Speedwell Redevelopment Phase I Closes, Gets Name
Developers of 'Latitude' anticipate occupancy in 2014.
In 2012, the Speedwell Redevelopment Plan was finally approved. In 2013, work on its first phase is expected to begin, to make way for occupation next year.
Mill Creek Residential announced Wednesday it had closed on its purchase of Phase I of the Speedwell Redevelopment project. This land purchase paves the way for development of "Latitude," dubbed "a luxury rental apartment development that will further enhance Morristown as a pedestrian-friendly, destination community," according to a press release.
Latitude will consist of a single building with 268 studio, one-, two-, and three-bedroom rental units with a 357-space parking garage incorporated into the structure, "as well as a host of lifestyle amenities," according to the release. The unit number includes 26 deed-restricted apartments earmarked as "affordable housing."
Site work is expected to begin soon, starting with the demolition of existing structures, including the town’s Department of Public Works facility, which will be relocated. Initial occupancy for Latitude is planned for 2014.
Mill Creek also is the designated redeveloper of the next two phases of the Speedwell Redevelopment Area, with the design of Phase II anticipated "in the very near future," according to the press release.
The entirety of the Speedwell Redevelopment Plan, in four phases, is expected to dramatically reshape the Speedwell Avenue cooridor. This closure announcement follows on the heels of recent approval by the town for CVS Pharmacy to construct a new location at the site of a long-abandoned used car lot, at Spring Street and Speedwell Avenue.
“This announcement is another important step forward in the ongoing revitalization of Morristown’s dynamic downtown," said Morristown Mayor Tim Dougherty in the press release. "In addition to generating approximately $650,000 in tax revenues and hundreds of construction jobs in the first phase alone, this development will have a significant, positive impact on the neighborhood’s many businesses, which will benefit from access to new patrons that reside within walking distance. ... I am extremely pleased to continue building on the success we have achieved in working toward the realization of an improved Speedwell Avenue corridor to the benefit of all residents.
The press release also noted Mill Creek is expected to soon begin work on an extension of Prospect Street through the site connecting existing Early and Clinton streets.
“Latitude has been specifically designed to blend into the fabric of the existing neighborhood, and we applaud Mayor Dougherty for his commitment to achieving progress and forward momentum on this transformative redevelopment,” said Rich Murphy, Mill Creek's Managing Director. “Morristown has established itself as a sought-after destination that offers an exceptional quality of life, 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.”