MORRISTOWN AND ROSELAND PROPERTY COMPANY STEAL THE SHOW AT ANNUAL NJBA SALES AND MARKETING AWARDS

Morristown and Roseland Property Company took center stage at the 2011 Sales and Marketing (SAM) Awards held recently in Atlantic City, sponsored by the New Jersey Builder’s Association. Roseland’s luxury condominium building, 40 Park in Morristown, was named “Community of the Year,” capping off a thrilling night in which Roseland won an amazing 16 awards for its communities in Morristown.

40 Park garnered 13 of those awards as it virtually swept through the competition at the 24^th Annual SAM Awards, which annually recognizes excellence in residential design and marketing and sales programs within New Jersey. The 76-home condominium building overlooking the Morristown Green added to its impressive list of accolades, which includes two prestigious national awards from the National Association of Homebuilders: The 2010 Pillars of Industry award for “Best Mid-Rise Condominium” and the Best in American Living Platinum Award for “High-Rise Multi-Family Buildings Six Stories and Over.”

The Metropolitan at 40 Park, a 130-unit rental building overlooking a public piazza, won three SAM awards. John Dickinson was named Project Superintendent of the Year for his work on the Epstein’s redevelopment project, which incorporated both 40 Park and Metropolitan at 40 Park. Both buildings were developed by joint-venture partners, Roseland Property Company and Woodmont Properties.

The award-winning night underscores Roseland’s commitment to excellence and to downtown Morristown, where Roseland/Woodmont has invested more than $300 million in historic renovations, redevelopment and new construction. The developers have won numerous state and national awards every year for their construction of The Highlands at Morristown Station, a 217-residence luxury rental community near the train station, their historic restoration and condo conversion of the Vail Mansion, the former home of AT&T’s first president Theodore N. Vail, and their work at 40 Park and Metropolitan at 40 Park. Past awards include a 2006 Smart Growth Award from New Jersey Future that praised the redevelopment of the Epstein’s site in Morristown, a 2008 Building of America Award for Vail Mansion and a 2008 Best of American Living Award for Vail Mansion.

The Roseland/Woodmont partnership has helped Morristown emerge as one of the state’s most desirable places to live, with a variety of restaurants, cafes, boutique shops, theaters, mass transportation options and upscale residences.

“The SAM Awards was an extraordinary night for us,” said Debra Tantleff, a Vice President of Development for Roseland Property Company.  “Morristown is just an exceptional town which is why we’re so committed to creating new opportunities for residents to live in the heart of downtown and enjoy all that the area has to offer. The sales and leasing activity we’ve experienced at our communities provides vivid proof that Morristown is in high demand, and we’re thrilled that our success has been recognized in such dramatic fashion.”

40 Park is 75 percent sold and 60 percent occupied. Several floor plans have completely sold out and buyer traffic has been steady. Vail Mansion is 100 percent sold and occupied.

Activity at the Roseland/Woodmont rental buildings has been even more impressive, as both Metropolitan at 40 Park and The Highlands were fully-leased within a year of opening.

“Both renters and home buyers have shown that they like living in our buildings and they love what downtown Morristown has to offer,” Ms. Tantleff said. “With The Highlands and Metropolitan at 40 Park fully leased and Vail Mansion sold out, 40 Park is the best option for anyone looking to experience the vibrant, pedestrian-friendly urban lifestyle of downtown Morristown.”

The Roseland/Woodmont commitment to Morristown extends beyond residential development and historic conversions. Bringing in the right complementary retail to the community is a key part of the partnership’s development plans, so 70,000 square feet on the first floor of 40 Park and Metropolitan at 40 Park was committed to retail space.  “The Shops on the Green” currently includes such upscale tenants as Starbucks, Roots Steak House, Urban Table, an AT&T retail store and Qdoba Mexican Grill. Discussions with potential new tenants are underway.

For more information on 40 Park, call 973-359-0010, or visit www.40park.com. The community is located at 40 W. Park Place, Morristown, NJ 07960.

About Roseland Property Company

Since 1992, Roseland Property Company and its principals have grown to become recognized as industry leaders, having developed over 40,000 high-end residential units.  Roseland's vision for creating dynamic mixed use communities has resulted in such celebrated developments as High Street in Williamsburg, VA which blends upscale townhomes, rentals and 105,000 square feet of retail; 40 Park including the 70,000 square-foot Shops on the Green spearheading the revitalization of downtown Morristown, NJ;  and Port Imperial, a dynamic 6,000-unit mixed-use community rising along the Hudson River directly facing midtown Manhattan that also features 1,000,000 square feet of office, retail and entertainment space and a full-service hotel.