Mill Creek Breaks Ground on M-F Project in Morristown, NJ
- May 21, 2013
Mill Creek Residential Trust, of Dallas, will hold a groundbreaking ceremony in Morristown, N.J., today for the 268-unit first phase of Latitude, a luxury apartment development. The project reportedly is the first large-scale residential development to be undertaken in Morristown in almost four years. The building’s cost has not been disclosed.
The 258,300-square-foot first phase will comprise studio and one-, two- and three-bedroom rental homes and a 350-space parking garage incorporated into the structure. The project’s location, at Early Street and Speedwell Avenue, is walking distance from downtown Morristown.
Apartments will feature 9-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), washers and dryers, granite countertops and energy-efficient stainless-steel appliances. Amenities planned for Latitude include a fitness center outfitted for cardio, strength, spin and yoga; a rooftop deck; lounge with fireplace; business center; and game room.
Despite the community’s upscale nature, 26 deed-restricted, affordable rental apartments also will be part of the first phase.
Initial occupancy for Latitude is planned for next year.
The project’s second and third phases will add more residential units, as well as non-residential uses, both designed to blend with the existing architecture along Speedwell Avenue, Rich Murphy, managing director with Mill Creek, told Commercial Property Executive.
Latitude is roughly half a mile from the Morristown station on New Jersey Transit’s Morristown (Green) Line; commuter trains run from there to Hoboken Terminal or directly to New York’s Penn Station.
When the New Jersey Department of Transportation established its Transit Village Initiative in 1999, Morristown was one of the first municipalities to join.
The median age of Morristown’s approximately 18,500 residents is not quite 35, and one-third are foreign-born, according to the U.S. Census Bureau. The median household income is estimated at $62,600, though 13.2 percent of Morristown residents are below the poverty line.