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APRIL 2008 PROJECT OF THE MONTH Morristown marks rise of $72M transit village 
Local officials, developers hail project as worthy reinvestment
BY MINHAJ HASSAN DAILY RECORD MORRISTOWN -- Construction began months ago, but officials got together Wednesday to celebrate an official "groundbreaking" for The Highlands of Morristown Station, the transit village being built at Morris Street and Lafayette Avenue. Steve Santola, executive vice-president of Woodmont Properties thanked Mayor Donald Cresitello and former Mayor John "Jay" Delaney for supporting the transit village project from the beginning. "Redevelopment is equivalent to reinvesting," Santola said before a crowd of approximately 60 people in a large, heated tent at the construction site. Santola said redevelopment projects surrounding public transportation, such as train stations, are good investments, given the record-high gas and oil prices. More people will be willing to use public transportation as a result, he said. "Transit-oriented development is here to stay," he said. The $72 million Transit Village project calls for approximately 217 upscale apartments, 8,000 square feet of retail space, and a five-and-a-half floor parking garage containing a total of 722 spaces. Of those parking spaces, 415 will be for NJ Transit commuters. The lot should open in spring of 2009. The building will also include such amenities as a club room, swimming pool, private balconies, a fitness center, and computer stations. The developer for the project is Rosewood, a joint venture between Roseland Property and Woodmont Properties. The apartments, which will range in size between 661 to 1,346 square feet, are anticipated for completion in the spring of 2010. Guests at the ceremony were treated to lunch and commemorative locomotive key chains. Those guests included business partners and county and local officials, including Freeholder John Murphy and Councilwoman Rebecca Feldman. Cresitello said Morristown is a successful community because of its location and transportation offerings, adding that the Transit Village is a good example of a public-private partnership. Joe Stein, a principal for Roseland Property, said in a statement, that the transit village is among the many elements that are changing the town for the better. "This exceptional new building will add a key component to the extensive redevelopment taking place here which changing the face of Morristown's downtown district," he said. While the housing market may be struggling nationwide, Santola said that it is "white hot" in Morristown. Minhaj Hassan can be reached at (973) 267-9038 or mhassan@gannett.com.  Click Here For More information
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