Morristown's 40 Park luxury development recently gained accolades, named a Silver Award winner by Downtown New Jersey at its annual Excellence Awards ceremony.
The press release is below:
One of the state’s most successful redevelopment efforts is continuing to garner state-wide recognition as 40 Park, the upscale mixed-use development overlooking the Morristown Green, was recently named a Silver Award winner by Downtown New Jersey at its annual Excellence Awards ceremony.
The prestigious award recognizes 40 Park and the overall redevelopment of the former Epstein’s Department store site as one of New Jersey’s best development projects built in a downtown location. The development effort has dramatically reenergized downtown Morristown by transforming a vacant department store into a dynamic residential, shopping and dining destination conveniently located just steps from mass transportation and existing retail, cultural and entertainment options.
Spearheaded and executed by a public-private partnership comprising Roseland Property Company, Woodmont Properties, the and the , the overall redevelopment effort has created more than 200 luxury condominium and rental residences, 66,000 square feet of retail space, a public outdoor piazza, and an 800-space public parking garage.
“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,” said Michael Fabrizio, executive director of the Morristown Partnership. “40 Park has not only brought one of the first luxury residential buildings to downtown Morristown, but it has also recruited a number 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.”
The Metropolitan at 40 Park, featuring 130 rental residences in a striking seven-story building, has been a resounding success since first opening to the public. Effectively finding its market, the building leased up in quick fashion and has remained 100% leased ever since. Renters have consistently responded to the Metropolitan’s high level of luxury, amenities, service and convenience that hadn’t been seen in this area before.
40 Park, the iconic 76-home luxury condominium building overlooking the Morristown Green, has enjoyed similar success, attracting buyers with a unique collection of spectacular and expansive single-level residences, upscale amenities and services and an incomparable location in the heart of downtown Morristown.
The ability to be able to walk to all of the shopping, dining, cultural and recreational pursuits in town has clearly resonated with buyers, especially those moving from more secluded, suburban locales where they were dependent on their cars. As a result, 40 Park has enjoyed steady sales success, leaving a limited number of unique two- and three-bedroom designs available for sale. Elegantly-designed Signature residences are priced from the upper-$700,000s, while Penthouses -- which feature up to 2,700-plus square feet of living space and private terraces with up to 1,800 square feet of outdoor space – are priced from $1 million to $2 million. 40 Park homeowners also enjoy The Park Center, a private amenity floor within the condominium that includes a state-of-the-art fitness center, billiard tables, flat screen TVs and a media room. All homes also come with private, indoor parking and concierge service.
40 Park and The Metropolitan at 40 Park bookend a landscaped outdoor public piazza which leads to a new 800-space public parking garage built by the Morristown Parking Authority. The development’s street-level retail component, named The Shops on the Green, currently features , , , and the .
“This has truly been a team effort from day one with a number of public and private entities sharing a common vision and an unwavering commitment to ensuring a dynamic and vibrant future for this historic community,” notes Debra Tantleff, a 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, and we are thrilled to have worked alongside the various municipal agencies and officials who have helped make our collective vision a reality.”
The Downtown New Jersey Silver Award is one of a number of prominent awards 40 Park has earned since opening in the spring of 2008. The development has received multiple regional and national awards from the Community Builders and Remodelers Association of New Jersey, the New Jersey Builders Association and the National Association of Home Builders (NAHB), including the NAHB’s prestigious “Community of the Year” designation in 2010.
In addition to 40 Park and the Metropolitan at 40 Park, Roseland Property Company and Woodmont Properties also jointly developed in Morristown the Highlands at Morristown Station, a 217-unit luxury rental building next to the Morristown Train Station as part of the state’s Transit Village Program, and Vail Mansion, the upscale community of 36 elegant condominiums as part of the faithful restoration of the 18th-Century mansion -- the former home of Theodore N. Vail, the first president of AT&T.
For more information on 40 Park visit www.40park.com. To listen to 40 Park residents tell their stories and see them display their homes, visit www.WeLove40Park.com. The community is located at 40 W. Park Place, Morristown, NJ 07960.
For more information on Downtown New Jersey visit www.downtownnj.com.