Politics & Government
Final Speedwell Redevelopment Agreement to be Voted on Jan. 12
Business Administrator: If approved, work could begin as early as summer.
It has been a long time–over a decade–since talk first began on whether parts of Speedwell Avenue should be considered for redevelopment.
At 7 p.m. on Jan. 12, the Town Council (which acts as the redevelopment entity in Morristown) will vote on the "Final Amended and Restated Redevelopment Agreement" for Speedwell Avenue Redevelopment. If approved, actual work on the project could begin as early as summer, according to Business Administrator Michael Rogers.
The amended redevelopment plan would supersede the previous redevelopment agreement, approved in 2007. That plan, among other stipulations, had included a realignment of Speedwell Avenue. Over the course , some members of the governing body and public have questioned the benefit of that realignment, opting instead for a more pedestrian-friendly redevelopment, as opposed to a more automobile-centric one.
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Under the 236-page redevelopment agreement–available on the Town of Morristown website and included with this story–the project will be conducted over at least three phases, calling for a maximum of 650 residential units and between 35,000 and 40,000 square feet of retail/commercial space. In Phase One, 26 of the units would be deemed "affordable housing," with half of those designated for low-income housing, according to the proposed agreement. The amended agreement includes in Phase One the purchase and remediation (conducted and paid for by Mill Creek Residential Trust, the redeveloper) of half of the town's Department of Public Works land, located off Early Street, with the other half purchased during Phase Two.
While the previously-approved Speedwell Avenue realignment is not included in phases one and two of the proposed agreement, Rogers said, "it could be re-examined in Phase Three." Before any work can begin, the business administrator said the town needed to conduct some work on the DPW site, as well as the remediation work required of the redeveloper.
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Overall, Rogers said, "I think we worked out a good deal, for the town and the redeveloper."
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