The M Station Office Park Project is Morristown, New Jersey’s biggest development project in decades, and it was finally approved by the Morristown Town Council in October 2020. By a 6-to-1 margin, the council voted the project a go as a PILOT project, short for Payments in Lieu of Taxes. This offers a 30-year tax break and is intended to quadruple revenue back to the town, which it had formerly been receiving from the Midtown Shopping Center.
What Does the Project Entail?
The proposed M Station will have nearly 400,000 square feet of office space and retail over the space of two separate buildings, as well as a parking garage, public promenade, and plaza. Scotto Properties and SJP Properties are developing the project. The developers have agreed to complete Phase One, the traffic work, and the first building by October 2022.
The first building is a six-story building for Deloitte, an accounting firm, which will move its operations from Parsippany to Morristown. Known as M Station East, the Deloitte building will comprise more than 110,000 square feet of space and will be on Morris and Spring Streets. Deloitte will occupy floors two through six, and the lobby will have roughly 10,000 square feet dedicated to retail space and other services.
Traffic plans include the inclusion of a roundabout for the intersection of Morris and Spring Streets to reduce traffic for those entering and leaving. This must be completed in Phase One as well.
However, Phase Two, includes a parking deck, public plaza, and seven-story office building, is only required to begin in eight years with an agreement for completion three years later, which is why the project could take up to 12 years. Developers do hope the project does not take that long to complete.
Why Is This Project Important?
Morristown Town Administrator Jillian Barrick believes that the addition of the M Station will boost the economy of local restaurants and businesses and will bring approximately 1,400 new jobs into Morristown. Town officials believe that M Station will generate roughly $1 billion for Morristown annually, which is four and a half times more than the current revenue, especially given the COVID-19 crisis. The project is also agreeing to contribute $2.5 million to the affordable housing trust fund of Morristown.
Town officials and developers on the project broke ground on M Station in November 2020, and the first building is required to be completed by October 2022.
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