Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.