Construction starts on ‘Modera 55,’ Phase Two of Morristown’s Speedwell redevelopment

Architectural drawing of proposed apartments for Phase Two of the Speedwell redevelopment.
Architectural drawing of proposed apartments for Phase Two of the Speedwell redevelopment. Illustration courtesy of Topology.
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Architectural drawing of proposed apartments for Phase Two of the Speedwell redevelopment.
Architectural drawing of proposed ‘Modera 55’ apartments for Phase Two of the Speedwell redevelopment. Illustration courtesy of Topology.

Construction has commenced on “Modera 55,”  the sister apartment complex to Modera 44  that is the second phase of Morristown’s Speedwell Avenue redevelopment.

The 185-unit luxury complex  is scheduled to open at Prospect and Early streets in Spring 2018, with “resort-style amenities, including an outdoor rooftop deck with panoramic views of the Town of Morristown,” an outdoor kitchen, dining and bar area; a pet spa; and a private parking garage with electric car charging stations, according to a statement Monday from developer Mill Creek Residential.

“The leasing success of the first community has made it clear that there is unfettered demand for luxury living options in Morristown,” Mill Creek’s Rich Murphy said in the announcement.

“Without question, Morristown is one of New Jersey’s most coveted destinations. People are continuing to be drawn to Morristown for it’s trendy downtown and transit-oriented locale.”

There will be a mix of studio-, one-, two- and three-bedroom apartments, and 28 apartments will be designated for low- and moderate-income tenants.

“With Modera 55, Mill Creek is contributing greatly to the continued evolution and improvement of Morristown’s bustling downtown by catering to residents who seek a luxury living experience,” Mayor Tim Dougherty said in the statement.

“As Morristown’s eclectic mix of restaurants, galleries, premium retailers and boutiques continue to flourish, we’re thrilled that Mill Creek will continue to fulfill that need with a second community of next-level residences.”

The builder also has committed to fund the creation of a passive recreation “linnear” park on the site, which for years was home to the town public works garage and Morristown Ambulance Squad.  The town has hired the firm Ken Smith Workshop to design the park.

Below is the full statement, which includes leasing information.

MORE  COVERAGE OF SPEEDWELL PHASE TWO

MORE  COVERAGE OF THE SPEEDWELL REDEVELOPMENT

From Mill Creek Residential:

MILL CREEK COMMENCES CONSTRUCTION OF MODERA 55,
DEVELOPER’S SECOND LUXURY-LIFESTYLE APARTMENT COMMUNITY IN MORRISTOWN

Groundbreaking comes on heels of first building’s unprecedented leasing success

MORRISTOWN, N.J. (May, 23 2016) – Mill Creek Residential, a leading multifamily builder, investor and operator specializing in premier apartment communities across the U.S., today announced that it has commenced construction on Modera 55, the company’s second luxury community of upscale rental residences in Morristown, New Jersey.

Slated to open in Spring 2018, Modera 55 is spurred by the success of it’s sister community Modera 44, which is now fully leased after opening just over a year ago. Situated near Morristown’s vibrant downtown, the contemporary and luxurious lifestyle-centered community is sure to be home to a diverse cross-section of residents.

“Breaking ground on Mill Creek’s second luxury community marks a significant milestone for the Town of Morristown and our growing number of residents and businesses,” Morristown Mayor Timothy Dougherty stated.

“With Modera 55, Mill Creek is contributing greatly to the continued evolution and improvement of Morristown’s bustling downtown by catering to residents who seek a luxury living experience. As Morristown’s eclectic mix of restaurants, galleries, premium retailers and boutiques continue to flourish, we’re thrilled that Mill Creek will continue to fulfill that need with a second community of next-level residences.”

Known for developing lifestyle residences that blend naturally into their surrounding communities, Mill Creek designed Modera 55 to complement the vintage “Northeastern row-style” exterior of it’s stunning first luxury Morristown community. The new building will offer a mix of contemporarily designed studio, one-, two- and three-bedroom apartments.

All of Modera 55’s thoughtfully designed residences will feature nine-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The apartments’ gourmet kitchens include movable chef islands in select apartments, quartz countertops and EnergyStar® stainless steel appliances. Several floor plans include ample walk-in closet space, and all have full-size washers and dryers. Select residences offer balconies, dens and lofts as well.

“The leasing success of the first community has made it clear that there is unfettered demand for luxury living options in Morristown,” said Rich Murphy, Mill Creek’s managing director of development. “Without question, Morristown is one of New Jersey’s most coveted destinations. People are continuing to be drawn to Morristown for it’s trendy downtown and transit-oriented locale.”

In addition to its luxury apartments and ideal location, Modera 55 is poised to attract renters with its array of resort-style amenities, including an outdoor rooftop deck with panoramic views of the Town of Morristown, as well as an outdoor kitchen, dining and bar area. The community’s contemporary clubroom will also include a residents’ lounge, fireplace, bar seating, flat-screen televisions and two pool tables.

On par with Mill Creek’s other heavily amenitized luxury communities, Modera 55 will also boast a business center with a conference room complete with on-site offices for resident use. A club-quality, 24-hour fitness center and the community’s landscaped courtyard will feature an in ground pool, gas grills for barbecuing, as well as a fire pit.

Additionally, residents will have access to an on-site pet spa, bike storage and car charging stations. To address the numerous parking challenges that often face renters in communities where walking and mass transit are the preferred ways to get around, Modera 55 will offer a private parking garage, removing the need to hunt for street parking, or pay for permits.

Situated only a short distance from the NJ TRANSIT train station in Morristown’s bustling downtown, Modera 55 will offer residents a location that is second-to-none. Due to an eclectic mix of restaurants and galleries, a lively nightlife scene, one of the most prominent performing arts centers in the region, and a walkable shopping district that features a collection of premium retailers and high-end boutiques, Morristown has emerged as one of New Jersey’s top destinations for residents and visitors alike.

The first deliveries of residences at Modera 55 are slated for Spring 2018. To schedule a private appointment with a Mill Creek leasing representative, call the Modera 44 community at 973-644-0044 or email info@modera44.com.

About Mill Creek Residential

Mill Creek Residential is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston.  Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning. – See more at: https://www.millcreekplaces.com.

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2 COMMENTS

  1. So excited! I love the direction Morristown is headed in. I hope the Lumberyard gets figured out soon too so we can add that to the list of new construction.

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