Highly Anticipated Community Will Pave Way For Additional Housing Opportunities In Sought-After Downtown Location

MORRISTOWN, N.J. – May 22, 2013 – Completing an important milestone in the redevelopment of Speedwell Avenue in Morristown, N.J., Mill Creek Residential Trust announced today that it held a groundbreaking ceremony last night to celebrate the start of construction on Phase I of Latitude, a luxury rental apartment community situated on Early Street. Dignitaries and stakeholders were in attendance at the ceremony, including Morristown Mayor Timothy P. Dougherty.

“This project signals the start of the Speedwell Avenue Redevelopment that will undoubtedly have a positive and reverberating impact on Morristown, its businesses and most importantly its people,” said Morristown Mayor Timothy P. Dougherty. “Beyond the opportunities it will afford our residents and business owners, Latitude will offer those interested in moving to Morristown a truly differentiated and upscale housing option in an acclaimed, walkable downtown location that is near to all of the great amenities our town has to offer.”

Latitude is the first large-scale residential development to be constructed in almost four years in Morristown. Leading multifamily developer and investor Mill Creek Residential will transform the site into a luxury apartment community, with a first phase comprising 268 studio, one-, two-, and three-bedroom upscale rental homes, with a 350-space parking garage incorporated into the structure, as well as a host of lifestyle amenities. Latitude will contribute to a new, dynamic neighborhood within walking distance to the numerous shopping, dining and nightlife opportunities in downtown Morristown.

“In our design of Latitude, we wanted to complement the very distinct, spirited and vibrant lifestyle found in Morristown as well as further enhance the town as a pedestrian-friendly, destination community,” said Rich Murphy, Mill Creek Residential Managing Director. “To achieve this, we ensured that every experience afforded at Latitude, from apartment living to working out in our fitness studio, is truly one of a kind.”

Residences within Latitude will incorporate a number of premium features, including nine-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), and washers and dryers in every apartment. Contemporary kitchens will feature granite countertops and stainless steel energy-efficient appliances. Bathrooms will be well appointed with spacious vanities and tubs with ceramic tile surrounds.

Planned amenities for Latitude include a state-of-the-art fitness center outfitted for cardio, strength, spin and yoga; a rooftop resort-style deck; lounge with fireplace; business center with computer stations; and a game room. All parking spaces will be located within two levels of podium parking.

A total of 26 deed-restricted, affordable rental apartments will be seamlessly integrated into the community’s first phase. Initial occupancy for Latitude is planned to begin in 2014.

“Initiation of Phase 1 construction highlights the successful partnership between Mill Creek Residential and the Town of Morristown in working together on this great revitalization effort,” stated Murphy.

Mill Creek Residential is also the designated redeveloper of the next two phases of the Speedwell Avenue Redevelopment Area, with the design of Phase II now underway with a 2014 start of construction anticipated.

Added Murphy, “This redevelopment project will not only reinvigorate the town, it will contribute to the shaping of a community, and we are excited to be playing an important role in this neighborhood’s next chapter.”