REDEVELOPMENT
REDEVELOPMENT
Morristown Finds Its Groove … Again .
By all accounts , Morristown is experiencing a renaissance . New commercial buildings with leases from large corporate tenants . New restaurants and retail near the Green . Even new multi-story residential projects . Best of all , the streets are alive day and night with foot traffic .
“ Morristown has a really great town feel ,” says Nick Racioppi , partner , and head of the real estate practice at Riker Danzig , a 140-year-old law firm with 230 employees that moved from Newark to Morristown ’ s Headquarters Plaza in 1983 and never looked back .
Racioppi says their location has been a valuable asset for recruiting young attorneys . “ You can walk to the bank , take a break on the Green to clear your mind ; and of course , there are a couple dozen really great restaurants nearby . For young talent , if they are looking to work in New Jersey instead of NYC , they want the walkability and diversity of amenities that Morristown offers .”
Morris County Chamber of Commerce President Meghan Hunscher agrees . “ Even in a hybrid work environment , employees today want to work where they can find lunch , run errands , and be entertained after hours . They want to be where the action is .”
“ Morristown has all the ingredients ,” adds Dr . Anthony Iacona , President of The County College of Morris and Vice Chair of the Morris County Chamber of Commerce . “ People want to live here . You can live in a gorgeous apartment
Rendering of plans for 1776 on the Green . and walk downstairs to go to work . I give our county commissioners and Morristown an A-plus on smart growth ,” Dr . Iacona says .
An Alluring Colonial History
Morristown has a deep history as a destination location . Established as New Hanover in 1715 by English Presbyterians from Connecticut and New York , in 1735 the name “ Morris Town ” was adopted in honor of Lewis Morris , the first Royal Governor of New Jersey . The renaming also celebrated the establishment of Morristown as the new county seat of government .
By 1777 , Morristown Green was a place to be seen . General Washington used Morristown Green ( specifically Arnold ’ s Tavern , but we don ’ t judge ) as his winter headquarters . Today the city boasts a population of 20,339 within 2.8 miles . A mostly affluent neighborhood , its 8,800 households earn an average of $ 112,570 . This is helpful , as Realtor . com suggests the average residential listing today will set you back $ 745K , with the top end of the market approaching $ 6 million .
No place exists without problems , however , thanks to the spurt of long-awaited commercial redevelopment , the city is welcoming new retail and restaurants . In particular , 1776 On The Green has transformed a lifeless street corner into a welcoming dining experience by expanding indoor seating into a seasonal outdoor footprint . “ Chef David Burke ’ s exceptional culinary expertise is elevated by taking advantage of
Nick Racioppi , partner , and head of the real estate practice at Riker Danzig
Photo : Morristown Chamber of Commerce
this wonderful parklike setting on the Green ,” says Sue Vorcheimer , Director of Marketing and Communications for 1776 . “ And our TopGolf Swing Suite is a great choice for a company outing , celebrating a birthday or just having a fun evening on the town with friends . We are so excited to be part of the vibrant and expanding Morristown experience .”
Valley National Bank Relocates Headquarters
“ Morristown , or any city for that matter , needs to have safe streets , good pedestrian traffic , and the ongoing support for the local retail in order to flourish ,” suggests Riker Danzig real estate attorney Nick Racioppi .
To encourage redevelopment in the tarnished Speedwell Avenue district , the city established an economic development zone , successfully attracting developers to turn their vision into reality . As a result , two major commercial redevelopment projects will be bringing thousands of daily commuters into Morristown .
One project is the new Valley National Bank corporate headquarters building on Speedwell Avenue , next door to the popular Chef Fredy ’ s Table restaurant and across from the newly renovated Hyatt Regency Morristown . The bank will be leasing most of the 120,000-squarefoot structure , which is being redeveloped by SJP Properties in partnership with Scotto Properties . The energy-efficient structure is built
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