Speedwell Redevelopment

Morristown, NJ

The redevelopment of Speedwell Avenue required a strategy that would build community consensus and create feasible investment opportunities in the wake of a national economic crisis. 

One of the town’s largest development proposals in decades, targeting properties along the Speedwell Avenue corridor, required major amendments due to the economic downturn and the developer’s inability to finance the project. In addition, citizen concerns remained unresolved with regards to affordability, open space, sustainable design, and a proposed roadway realignment that created a super-block.

The redevelopment strategy was amended through an extensive analysis of underwriting assumptions and public private partnership agreements. Negotiating parameters were created based on land valuation analysis, required investor rates of returns, tax structure, and financial capacity of the development to include affordable housing. A cost benefit analysis of competing infrastructure alternatives was also prepared to facilitate decision making. Financial models were prepared to facilitate transparent negotiations and served as the basis for business terms to which parties agreed. The LEED-ND inspired plan includes street patterns consistent with historic Morristown, contextual urban design and architectural standards, and green streets leading to a new park.

Insight: the importance of incorporating community needs and benefits as the cornerstone of a planning process.  

Type
Redevelopment Plan
Role
Municipal Planner
Project Team:

Municipal:

John Inglesino, Esq., Town Redevelopment Counsel

Alaimo, Consulting Engineers

TERMS, Environmental Consultant

 

Phases One and Two (Modera)

Mill Creek Residential, Developer

Andy Norin, Esq., Project Attorney

Marchetto Higgins Stieve,  Architect

Dewberry, Civil Engineer

 

Phase Four (CVS)

Site Development, First Hartford

Thomas Malman, Esq., Project Attorney

Nieves Architect, Project Architect

Dynamic Engineering, Civil / Traffic

Carolle Huber, Landscape Architect 

 
Public Benefits

Early Street Community Garden

Prospect Street Extension

Speedwell Avenue Traffic Improvements

New Linear Park

55 Affordable Housing Units

Pedestrian Plaza

 
Program

Phase 1: 268 Residential units

Phase 2: 185 Residential units

Phase 3: Mixed Use

Phase 4: Mixed Use 

 
Status

Phase 1: Complete

Phase 2: Under Construction

Phase 3: In Progress

Phase 4: In Progress