The Professional Builder ran this story about the beautiful 40 Park: Since 40 Park opened in April 2010, it has been an impressive example of the positive impact mixed-use development can have. Located in the downtown redevelopment zone of Morristown, N.J., 40 Park replaces Epstein’s, a popular department store. The mid-rise building comprises six floors of luxury condominiums above ground-floor retail, and overlooks the historic Morristown Green.
After undergoing a six-year approval process, the project is gaining velocity despite a soft economy, says Debra Tantleff, vice president of development at Roseland Property Co., Short Hills, N.J. To date, 50 of 76 homes are sold and 18,000 square feet of retail space is leased.
40 Park is one of several mixed-use projects under way in Morristown by Rosewood, a partnership between Roseland and Woodmont Properties of Chatham, N.J. “All roads lead to Morristown,” says Tantleff, adding that 40 Park caters to young professional singles and couples without children, as well as empty nester couples downsizing from large homes and seeking a less complicated lifestyle.
Condominiums on floors two through five range from 825 to 2,500 square feet and are priced from the mid-$400,000s to $1.5 million. The penthouses on floors six and seven range from 2,000 to 3,000 square feet and sell for $1 million to $2.3 million.
There was a strong emphasis on architecture at 40 Park, says Tom Barton, principal of BartonPartners, Norristown, Pa. “The redevelopment authority allowed us to go from five to seven stories by creating a â€˜wedding cake’ effect with setbacks on the top two floors,” Barton says. The setbacks serve as outdoor terraces for the penthouse units and are as large as 1,800 square feet. A European-style piazza with water features provides an outdoor gathering space for residents and the public.
The development maintains the character of the city’s 19th-century buildings, which are smaller, townhouse-like structures. The design resembles a cluster of smaller buildings with interconnecting balconies and terraces. Traditional materials such as stone, brick and period-style metal bays create a classic, rich exterior.