Months of negotiations finally have produced an agreement for the redevelopment of Morristown’s Speedwell Avenue. The town council is scheduled to vote on the 236-page deal next Thursday, Jan. 12, at 7 pm.
If the pact is approved, it will give Morristown Development LLC the green light for phase one of a project that has been debated throughout the new millennium.
Over three stages, 650 apartment units are anticipated along with up to 40,000 square feet of retail space. In the initial phase, 26 units would be designated as affordable housing. Half would be reserved for low-income residents, and the other half would go to those with moderate incomes.
A 2007 agreement had called for the developer to pay $7 million to buy the town’s public works property between Early Street and Atno Avenue. But the first phase now calls for only $3.5 million. The developer maintains that he has all the necessary agreements with homeowners along Early Street to acquire their properties.
The realignment of Spring Street, Speedwell Avenue and Early Street, a hotly contested proposal, is not part of the present agreement.
“I am satisfied with where we are,” said Councilwoman Rebecca Feldman. “I was very insistent on putting as many hooks as possible in this to make sure Phase One gets finished. And if it doesn’t, the town is free to solicit other developers.”
READ MORE ABOUT THE SPEEDWELL AVENUE PROJECT
Inam so excited for this project. It’s going to be great for the town’s continued development and refacing. As a resident, I am very excited to begin enjoying the redevelopment and new park!