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.
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
Prospect Street Extension
Speedwell Avenue Traffic Improvements
New Linear Park
55 Affordable Housing Units
Phase 1: 268 Residential units
Phase 2: 185 Residential units
Phase 3: Mixed Use
Phase 4: Mixed Use
Phase 1: Complete
Phase 2: Under Construction
Phase 3: In Progress
Phase 4: In Progress