Demolition is underway to make room for an upcoming building in Morristown, according to architect Dean Marchetto of Hudson County-based Marchetto Higgins Stieve. The development will be located at 35-41 Market Street, also known as 45 Market Street, and will stretch back to Bank Street.
”It sits on a triangular piece of property,” said Marchetto in an interview with Jersey Digs, adding that “there is a one-story differential between those two streets in terms of elevation.”
Because of this, the Market Street side of the development will appear to be five stories tall while the Bank Street side will include six floors. Both sides will include retail space, with just over 8,600 square feet being provided on Bank Street and 10,375 square feet included on Market Street. Marchetto explained that the latter side will be angled toward the street, allowing for a wide sidewalk, outdoor seating for a potential food and beverage establishment, and for the building’s storefront to be visible from Morristown’s main drag.
“When you’re on South Street and you’re looking down past 40 Park, you’ll be able to see this facade and the tables and chairs,” said Marchetto. “Even though it’s five properties down the road on Market Street, you can see it.”
The residential portion of the development will consist of 10 studios, 30 one bedrooms, and 14 two bedrooms, with two of the one-bedroom units including a den. All of the units will be rentals and parking will not be included on the premises. However, there will be a variety of amenities for residents on the building’s rooftop, including an open terrace, a 1,200-square-foot lounge and community room, and 1,000-square-foot fitness center.
Last year, Morristown Green reported that the development is expected to receive a 30-year tax abatement and pay payments in lieu of taxes instead. However, according to the report, while the municipal government will receive more revenue than it would have without the exemption, the Morris School District, the County of Morris, and the Morristown and Morris Township Library will obtain far less.
Construction on the project is expected to be completed in around 18 months.
Since the 21st century began, Morristown has seen more mixed-use and residential development in its downtown area than most older suburban communities in New Jersey, with projects like the Metropolitan at 40 Park and Modera 44 popping up in the center of the municipality. However, as evidenced by 45 Market Street, this trend does not seem to be stopping. In fact, within just a few blocks of the project, there are plans for a new Cambria Hotel with 116 rooms and a 38-unit mixed-use building.