MORRISTOWN, NJ - Mill Creek Residential, a leading real estate development and investment firm specializing in premier multifamily apartment communities across the U.S., today announced that it has closed on its purchase of Phase I of the Speedwell Avenue Redevelopment Area in Morristown, N.J.
The land purchase paves the way for development of Latitude, a luxury rental apartment development that will further enhance Morristown as a pedestrian-friendly, destination community. The project is the first large-scale residential development to commence construction in almost four years in Morristown.
Latitude will consist of a single building comprising 268 studio, one-, two-, and three-bedroom upscale rental homes with a 357-space parking garage incorporated into the structure, as well as a host of lifestyle amenities. The development will take a largely underutilized assemblage of properties and create a new, vibrant neighborhood within walking distance to the numerous shopping, dining and nightlife opportunities in downtown Morristown.
In addition, Latitude will be developed to incorporate the latest “green” design elements, including enhanced storm water management systems and energy-conservation technology.
“This announcement is another important step forward in the ongoing revitalization of Morristown’s dynamic downtown. 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,” said Morristown Mayor Timothy P. Dougherty. “As a transit-oriented community, Morristown has exceptional attributes that continue to make our community attractive for private investment among the region’s leading real estate development firms. 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.”
Added Dougherty: “Mill Creek Residential’s commitment to working cooperatively with the town and community stakeholders was a key factor in allowing for a smooth approval process. This was a true collaborative effort to achieve a well-designed development that will complement Morristown’s unique character.”
Mill Creek Residential will soon commence site work 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 to begin in 2014.
Additionally, Mill Creek Residential will embark on an extension of Prospect Street through the site connecting existing Early and Clinton streets, resulting in improved traffic flow in this section of the town.
“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 Residential 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.”
Latitude’s residences will incorporate numerous upscale features, including nine-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), and washers and dryers in every apartment. Contemporary kitchens will feature granite countertops and stainless steel energy-efficient appliances. Bathrooms will be well appointed with spacious vanities and tubs with ceramic tile surrounds.
Planned amenities for Latitude include a state-of-the-art fitness center outfitted for cardio, strength, spin and yoga; a rooftop resort-style deck; lounge with fireplace; business center with computer stations; and a game room. All parking spaces will be located within two levels of podium parking.
A total of 26 deed-restricted, affordable rental apartments will be seamlessly integrated into the community’s first phase.
Mill Creek Residential is also the designated redeveloper of the next two phases of the Speedwell Avenue Redevelopment Area, with the design of Phase II anticipated to commence in the very near future.
Added Murphy: ”We look forward to moving ahead with our commitment to the revitalization of this neighborhood and continuing to play an active role in Morristown’s vibrant future.”
About Mill Creek Residential Trust
Mill Creek Residential develops and acquires premier multifamily apartment communities. The company combines an unprecedented track record of leadership and industry expertise with innovative, forward-thinking strategies to tackle the challenges of today’s marketplace. Mill Creek creates apartment homes that complement and enhance the local communities in which we live and work, and which create a long-lasting legacy for future generations. Offering unparalleled service and a deep knowledge of the multifamily market, Mill Creek executives are experts at acquiring and entitling land, development, and construction. Additionally, the firm acquires existing assets that have opportunity to improve through physical upgrades or operational improvements and transform them into exceptional leading-edge properties. For additional information, visit www.mcrtrust.com