As Deloitte’s future headquarters rise on Morris Street, another corporation is poised to make Morristown its home.
Plans for Valley Bank’s headquarters on Speedwell Avenue were approved unanimously on Thursday by the planning board.
The six-story, 125,000-square foot structure will replace vacant businesses across from the Hyatt Regency at 52-74 Speedwell: Olive Lucy’s, Pazzo Pazzo and Danny’s Pub, and a long-empty lot.
A bank branch and three commercial storefronts are envisioned for the ground level, with Valley Bank offices filling the top five floors.
“I think it’s a nice looking building,” said board Chairman Joe Stanley, adding it should boost downtown businesses.
Bank employees will park across the street in the Headquarters Plaza garage.
“They’ll have to interact with the town. They would be more likely to go to restaurants and stores. In that regard, it’s definitely a positive. It goes far beyond just the (tax) ratables,” Stanley said after the two-hour virtual meeting.
“This project brings benefits to a stretch that’s been vacated for some time,” said Mayor Tim Dougherty, one of seven “yes” votes for the project. It will help the neighborhood, and create construction jobs, he said, two nights after winning a fourth mayoral term in an uncontested race.
Valley Bank has a longterm lease for the space, according to a spokesperson for the developers. The project is a joint venture of Scotto Properties, owner of the tract, and SJP Properties–the same partners behind M Station, the Deloitte headquarters going up on Morris Street.
Unlike that development, which required numerous hearings over a couple of years, the bank project needed just two planning board meetings, a week apart, to obtain site plan approval. It largely conformed with zoning codes for the property, Stanley explained.
Designed by the Gensler architectural firm, the building will have floor-to-ceiling windows, a large lobby, amenity decks, and environmental features intended to attain LEED certification, according to the developers.
The project required a waiver of requirements for on-site parking. All parking will be leased at the Headquarters Plaza garage. Five parking spaces on Speedwell will be converted to loading zones. The developers agreed to add bicycle racks, and to perform a survey of century-old homes on Prospect Street, for study later for any signs of foundation cracks caused by project construction.
A temporary wall and angled support beams will be erected to avoid encroachment on adjacent properties and reduce chances of damaging house foundations, Stanley said.
Projections from the developers’ experts suggested the project wlll generate slightly less traffic on weekday mornings, and slight more on weeknights, than the former businesses on the site.
On Nov. 18, 2021, the board will re-convene briefly to adopt a resolution formalizing its approval. Project attorney Frank Vitolo, who has represented a string of major developers in Greater Morristown, said the bank has a “very tight timeline” and is eager to get started.
“In 10, 15 years, whenever one looks back at this period of time, I mean, you’re gonna say, ‘Geez, When did all this happen?’ And it’s when you all were in charge and on these boards, so credit to the town really. I mean, it’s remarkable,” Vitolo said.
Don’t believe traffic is going to be less. The traffic by cvs is already a nightmare. Now your going to have more cars entering and leaving at primetime. Not to mention an increase in pedestrian traffic crossing the street. Hopefully they will be crossing at a light and not adding another crosswalk in between lights just one block up the road which backs the traffic up.
@ Debbie – thats just not true. Office space will always be wanted, working from home is just not the same for collaboration, new ideas, and teamwork. Employees just don’t like the commute which is why companies are relocating to small cities like Morristown where residents can easily walk or bike to work while having a nice place to live. More companies moving their HQ here will greatly help fill those store fronts since the employees will be buying lunch, dinner, snacks, happy hours, etc from all of them.
Cant keep happy storefronts with new businesses if the town isn’t busy during the daytime as well as evenings.
More corporate offices in a lot of companies are going to keep having employees work remotely to save on overhead. Why not work on filling some shops uptown
The poorly planned HQ Plaza garage was built with far more parking spaces than necessary and has always suffered from the lack of revenue from several hundred unused spaces. This will help both projects.
Isn’t it time to reface the ugly 1970’s style facade of headquarters plaza? I’ll bet those windows are hot in the summer and frosty in the winter. Plus, they are really ugly buildings. And have been since the 1970’s.
Concerned about taking away parking on the street AND Headquarters. Will this hurt those office buildings? Hotel?
Awesome news. Been wondering whats been next for those dilapidated buildings over there for a while.
The Wells Fargo building is done. Looks so much nicer!
Cambria Hotel is postponed indefinitely due to COVID. They did sponsor the Jazz Festival, though, so I assume they haven’t shelved the project entirely.
I heard Cambria was out indefinitely due to lack of funding. Covid caused their investors to freeze up.
But yes- this project is great and welcome for the area, and the businesses around HQ Plaza! Can’t wait for them to start construction and tear down all those vacant buildings
Love the glass windows but would like the front of the building set back so that trees and grass might border the curb space and sidewalk. Those features are timeless, add gentility to the hard scrape , and clean the air. The glass building on Morris St. Is attractive but protrudes too forward . Pedestrians are overwhelmed by its prominence. It needs trees, grass, space for the benefit of all. Thank you.
Love it! Looks great! This will be a welcome addition to a rough area that could use a project like this.
No doubt we’ll soon see comments from folks who are a little less than pleased. Bring ’em on!
On another note, what is going on with the Wells Fargo building upgrade on South Street and the Cambria hotel on Market Street?