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(Read more on the multifamily market.)

MORRISTOWN, NJ-Trammell Crow Residential recently took the wraps off a proposed mixed-use redevelopment project here, carrying an estimated price tag in the neighborhood of $400 million. That plan was unveiled before the city council, which in 2006 had named the Dallas-based TC Residential as the conditioner redeveloper for the 12-acre tract along Speedwell Avenue.

Unveiled by Peter Porraro, who heads the local office of TC Residential, the plan calls for 800 residential units of different configurations, and as much as 50,000 sf of retail and commercial space. The site is one of five currently carrying the designation as “in need of redevelopment,” and local officials estimate that the site’s build-out could generate upwards of $2 million per year in taxes.

The timeline for the project remains to be determined, pending final approvals. In any event, observers say that the issue of eminent domain will likely come into play. The Speedwell Avenue redevelopment zone is currently home to nearly 100 homes and more than two dozen businesses. Among the homes is a two-family structure that was rehabbed with substantial fanfare in the early ’90s by the Morris Habitat for Humanity group.

If the project does move forward, it would be one of a couple of big ones for TC Residential in New Jersey. The largest of the company’s current projects in the state is in Bayonne. As reported by GlobeSt.com, TC Residential, through its Morristown office, was named co-designated developer with DR Horton of a 33-acre site in Bayonne. That $500-million project involves nearly 1,800 residential units within the Peninsula at Bayonne Harbor, a massive redevelopment of the former Military Ocean Terminal site on the city’s waterfront.

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