Morristown Redevelopment Projects

We sat down with Michael Fabrizio, the Executive Director of the Morristown Partnership, which is a Morristown based non-profit group responsible for the revitalization and general upkeep of the town's central business district. We spoke with Michael about the two main redevelopment projects that are occurring in Morristown (40 Park and Transit Village) and how the projects are surviving these difficult economic times. Below is the Q&A we had with Michael Fabrizio:

How has the current economic environment affected the redevelopments in Morristown?

Despite the recession and negative impact on housing the two key projects remain under construction and are continuing to experience sales. In fact, at a recent redevelopment conference, Morristown was recognized as one of the only places where construction is continuing. This is a tribute to our marketability and the strength of the redeveloper.

How has the retail activity been?

Generally speaking, local retail sales were sluggish in 2008. Some sectors experienced downright ugly losses. Interestingly enough, though, our office has worked with four boutique-style, locally-owned retailers who are looking to open in Morristown and three are soft good retailers. We also have quite a bit of food-related interest. In fact, the four most recent leases were food.

What types of tenants have shown an interest?

We’ve had quite a bit of food-related interest but also several locally-owned retail establishments, as well as, a gym.

What are the expected completion dates for the redevelopments currently underway (Epsteins and Transit Village)?

40 Park (Epstein’s) should be open in about 12 months and Transit Village should begin leasing over the summer with some occupancy possible this year.

What impact do you see the redevelopments having on the town?

Naturally, they represent more disposable income for the downtown businesses, more retail space for a broader retail mix, as well as, new revenue from ratable properties.

When do you foresee construction beginning with the proposed redevelopments on Spring Street and Speedwell Ave?

Don’t know. Possibly smaller sections could begin within the next 18-24 months.

How has the town been through the redevelopment/approval process?

Each redevelopment zone is independent and has to follow the process of review, acceptance/denial of the area as being in need of redevelopment, the governing body accepting the planner’s recommendation, and if accepted, the creation of a redevelopment plan that then must be accepted by the governing body. All of the current sites have been or are in that process.

Are there any concerns with regards to traffic flow and/or parking?

Parking is substantial in Morristown (over 7,000 public spaces). I am not concerned in that regard. With the types of redevelopment (mostly residential/retail) traffic should not be dramatically affected. It’s office use that drives the most traffic throughout the day and we don’t see any plans for a significant amount of new office space. In addition, some realignment of roads will occur and that will definitely help traffic flow.

What is unique about Roseland Properties that has allowed them to proceed with these projects given the current economic climate?

They are a solid developer that has a proven track record of success. The fact that they could even finance the projects is a tribute to both the town’s marketability and the strength of the developer. We are fortunate that they were the developers here when the economic downturn occurred because I often wonder if these projects would have been stalled had it been someone else.

For detailed information about the redevelopment projects going on and planned for Morristown please visit http://www.townofmorristown.org/. For more information on the Morristown Partnership please visit their website http://www.morristown-nj.org/partnership.html. The links are also on the side of this blog page.