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INDUSTRY NEWS
First Phase of Transit-Oriented New Jersey Development Opens for Leasing
August 03, 2009 Morristown, N.J.—Leasing has begun at The Highlands at Morristown Station, a new 217-unit rental building located in the heart of downtown Morristown, N.J. Developed by Rosewood—a joint venture between Roseland Property Co. and Woodmont Properties—the development is part of the state’s Transit Village Program, which encourages development at and around major train centers. The project is a public-private partnership with New Jersey Transit, who originally owned what was once a 300-parking space surface lot for the train station, Debra Tantleff, vice president at Roseland Property Company, tells MHN. The new five-story development features 772 parking spaces—415 of which New Jersey Transit owns for commuters—nearly 6,000 square feet of amenity space and more than 8,000 square feet of street-level retail space. It is adjacent to the historic Morristown Train Station, offering direct service to midtown Manhattan. The first phase of the community, which consists of 65 apartments, is being leased up this month, with the second phase of residential occupancy taking place in October of this year and the entire project slated for completion by the end of the year, says Tantleff. Currently, about 15 percent of the first phase has been leased. “Because of the excitement surrounding this property, we have seen a reasonable amount of traffic, given the market [conditions],” notes Tantleff. “People view the location in relation to the train station and proximity to downtown as two extremely positive conditions, so it’s been well-received.” Designed by Lessard Architectural Group, the community offers 20 different one- and two-bedroom layouts, ranging from 661 to 1,347 square feet and with monthly rents from $1,718 to $3,190. Residences include private balconies, nine-foot ceilings, wall-to-wall carpeting, full-size stacked washers and dryers, and gourmet kitchens with maple cabinets and Maytag stainless steel appliances. The building’s proximity to the train station is carried through in its architecture, says Tantleff. Many of the interiors “resonated with that train station mindset, so there are a lot of linear patterns and geometric shapes.” In addition, Tantleff notes, the site provides an urban streetscape, with an elevated walkway connecting the train platform to a grade-level sidewalk. Roseland Management Company is handling all residential maintenance and leasing duties. |
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