By John Obeid, Bryn Cinque, James Bailey and Stephen Graziano
Morristown has become one of New Jersey’s premier transit-oriented areas situated within a unique urban/suburban setting. Morristown’s 24/7 vibrant downtown is defined by its walkable and rapidly growing retail and residential developments. The heart of the commercial corridor surrounds the Morristown Green, a two-and-a-half-acre park that is bordered by upscale housing, office towers along with many restaurants and shopping options, attracting a high concentration of millennials.
In addition to being located along a major transit hub, the city is centrally located right off I-287 and Route 202 and is within close proximity to other major thoroughfares including I-80, Route 24 and I-78. This ideal location gives Morristown accessibility throughout the Northern and Central New Jersey region.
Morristown, which has a rich history dating back to the American Revolution, has undergone a major transformation beginning in 2006 with the demolition of the former Epstein’s department store site to make way for an upscale condo/apartment building dubbed 40 Park. Since then, the city has seen several new multifamily projects developed along with adding new businesses to its already robust retail and nightlife scene. Morristown already has over 1,200 residential units with several currently in progress:
- Market/Bank Street project – 54 Units
- Morristown Train Station Project: 89 Units
- 30 Court: 58 Units
- 190 South Street: 30 Units
- Spring Street: 24 Units
As a result of Morristown’s successful transformation, the office stock remains limited amid record low vacancy levels. There are only nine office properties in excess of 25,000 SF in downtown Morristown totaling 994,109 SF, most of which were built prior to 1995. The last office building to be built was a 45,000 SF building on Market Street for Fox Rothschild in 2017.
However, as we usher in a new decade, office construction has gained some traction near the Morristown Green as the city’s retail and multifamily product has been firmly established. Recently, Deloitte announced their relocation from Parsippany to M Station in Morristown, a proposed mixed-use project.
Deloitte will occupy 110,000 SF on floors 2-6, with retail planned on the first floor. Plans also call for an additional mixed-use office/retail building along with a parking deck and promenade. Additionally, 21 South Street is slated to bring much need new office space to Downtown Morristown.
The Hampshire Cos., which recently acquired the property has plans to expand and renovate the office building, which is currently home to an existing Wells Fargo bank branch. Plans call for adding two floors to bring the total size of the building to 70,000 SF and will include a two-story lobby and a shared conference center.
1776 on the Green, which was acquired by Vision Real Estate Partners in 2017, has undergone a complete capital improvement project which included resigned lobby and common areas, the revitalization of Pioneer Park and a rooftop deck.
As Morristown continues to invest in revitalizing its downtown area with new shops, restaurants, mixed-use projects and new office space, the city has solidified its position as a premier live/work/play community.
