NEW JERSEY—Mill Creek Residential, a development and investment firm specializing in multifamily apartment communities in the U.S., has closed on the purchase of Phase I of the Speedwell Avenue Redevelopment Area in Morristown, N.J.

The purchase is the first step for the development of a new rental apartment development, Latitude, which is the first large-scale residential development to begin construction in approximately four years in Morristown.

Upon completion, Latitude will consist of a single building comprising 268 studio, one-, two-, and three-bedroom rental homes with a 357-space parking garage. Depending on the unit, apartment homes will include nine-foot ceiling heights, walk-in closets, patios/balconies, lofts and washers and dryers. Amenities planned include fitness center, rooftop deck, business center and game room.

The development will create a new neighborhood within walking distance to shopping, dining and nightlife in downtown Morristown.

Latitude will be developed to incorporate green elements, including enhanced storm water management systems and energy-conservation technology.

“In addition to generating approximately $650,000 in tax revenues and hundreds of construction jobs in the first phase alone, this development will have a significant, positive impact on the neighborhood’s many businesses, which will benefit from access to new patrons that reside within walking distance,” said Morristown Mayor Timothy P. Dougherty.

Initial occupancy for Latitude is planned to begin in 2014.