via Multi-Housing News Online/Jeffrey Steele, Contributing Writer
Morristown, N.J.—Four years ago, the former Epstein’s Department Store in downtown Morristown, N.J., was given new life as 40 Park, an upscale, mixed-use development featuring more than 200 luxury condominiums and rental residences, 66,000 square feet of retail space and an 800-space public parking garage.
In the years since, 40 Park has exerted a transformative impact on Morristown, helping deliver an energetic new vibe to the venerable central business district. The result? Recently, 40 Park was recognized as one of New Jersey’s best downtown location projects, when it captured the coveted Silver Award at Downtown New Jersey’s annual award ceremony.
It was only the most recent in a string of awards the development has snagged since its spring, 2008 unveiling. The Community Builders and Remodelers Association of New Jersey, the New Jersey Builders Association and the National Association of Home Builders (NAHB) have all conferred awards upon 40 Park. Among them was the NAHB’s “Community of the Year” designation, which the organization presented to 40 Park in 2010.
Sited steps from mass transit and other shopping and entertainment venues, this dynamic live-shop-dine destination was conceived and executed by a public-private partnership made up of Roseland Property Company, Woodmont Properties, the Morristown Partnership and the Morristown Parking Authority.
“We are honored to have 40 Park recognized by Downtown New Jersey because it reflects positively on Morristown as a whole, and the livable, walkable, business-friendly environment we’ve created here,” says Michael Fabrizio, executive director of the Morristown Partnership.
He adds 40 Park was not only among the vanguard of new luxury residential buildings in downtown Morristown, but helped attract an assortment of regional and national retailers.
“The new shops and restaurants have successfully attracted patrons from all over the area, bringing more visitors to Morristown and contributing to the overall success and appeal of the downtown district,” he says.
The development’s seven-story, 130-unit rental component, The Metropolitan at 40 Park, has remained 100 percent leased ever since it debuted. Part of the reason is that its level of amenities, service and conveniences had not before been available to renters in Morristown. Experiencing comparable success has been the project’s 76-home luxury condominium building, 40 Park, which overlooks Morristown Green and has attracted buyers with large and spectacular residences, luxury amenities and upscale services.
The effort to conceptualize and bring to fruition the development resulted from a team effort involving myriad public and private entities, notes Debra Tantleff, vice president of development at Roseland Property Company. “As a development partnership with deep roots in Morristown through some of our other successful developments in town, we have a sincere appreciation for this cherished neighborhood. We are thrilled to have worked alongside the various municipal agencies and officials who have helped make our collective vision a reality.”