Demolition Begins In Downtown Morristown: Check Out What's Moving In

MORRISTOWN, NJ — Demolition is underway for the future downtown site of Valley National Bank's headquarters. The building will sit across from the Hyatt Regency, bringing in about 660 workers by its estimated March 2023 completion, according to the developers.

Valley's headquarters will replace a string of vacant structures located on five lots along Speedwell Avenue, according to SJP Properties, the developer in partnership with SJP Properties. Both companies are also collaborating on the M Station redevelopment project, which will feature two buildings, a 1,000-car parking garage and retail at the site of the former Midtown Shopping Center.

Unlike the M Station development, which required hearings over several years for approval, Valley Bank's building only needed a few meetings to get the OK from town officials, according to Morristown Green. The building will offer "a modern interpretation of the masonry tradition of historic Morristown, featuring a careful balance of glass, metal and warm brick tones that embraces the character of the neighborhood," according to a news release from SJP Properties.

The property will include about 120,000 square feet of office space, floor-to-ceiling windows and skyline views. Operable glass walls open to three outdoor terraces. The ground floor will feature a lobby entrance with soaring ceilings, along with 14,500 square feet of available retail space, a portion of which will house a new Valley retail banking branch.

“As today’s recruiting market becomes increasingly competitive, it’s critical to create a workplace environment that excites and encourages professionals to come to the office,” said Steve Pozycki, CEO of SJP Properties. “Having a beautiful yet flexible office design that promotes health and wellbeing, offers access to the outdoors, and is integrated within a vibrant community is no longer a perk — it’s a requirement."

Developers expect the groundbreaking to occur this spring, with estimated completion in March 2023.

Valley National Bank has $37.5 billion in assets, according to its corporate profile. The company has branches in New Jersey, New York, Florida and Alabama.

“By bringing Valley’s growing workforce to Speedwell Avenue, within walking distance of a plethora of retail and dining options, the development will have an enormous impact on the local economy," said Mayor Tim Dougherty. "We look forward to welcoming Valley — a company that has supported our community for decades — to its new home.”

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