The agency and V Fee Lafayette Realty will work with the town on a development program that could include housing, offices, retail and parking.
MORRISTOWN, NJ – NJ Transit and V Fee Lafayette Realty LLC have entered an exclusive negotiation agreement for redevelopment of two parcels beside Morristown train station, advancing planning for land whose eventual uses remain under discussion.
The agreement was executed in October and disclosed in a Nov. 5 announcement. NJ Transit said the parties will work with Morristown to finalize a development program that could include apartments, offices, ground-floor retail and parking.
The agreement permits preliminary planning, community engagement and due diligence. The announcement does not establish a final housing count, building design or construction schedule for the two parcels.
Mayor Tim Dougherty cited roughly $250 million in transit-oriented development underway around the station and welcomed further investment. That figure describes the broader station-area activity in his statement; NJ Transit did not identify it as the price of this agreement or the cost of developing these two properties.
“For too long, Morristown’s landmark train station was a park-and-ride island, not a center of activity. That’s finally changing,” said Morristown Mayor Tim Dougherty. “Roughly $250 million in transit-oriented development is now underway. We appreciate NJ TRANSIT’s work freeing up excess property for reinvestment, and we see real opportunity ahead to partner on the stewardship and beautification the station area deserves. Morristown is helping turn this cut-through into a vibrant neighborhood, and we welcome NJ TRANSIT alongside us.”
The negotiations come as other nearby projects move through separate development processes. Morristown Minute previously reported on plans for an 89-unit apartment-and-retail building at One Lackawanna Place and the 126-unit Metro redevelopment at 22 Lafayette Ave. Those earlier plans provide context for the changing station district, but their unit counts should not be read as the program announced for the NJ Transit parcels.
“As a development company, you go into a transaction with a public agency expecting a long, uncertain process. NJ TRANSIT’s team was professional, responsive, and focused on getting to yes, while being clear about what they needed to protect for railroad operations. That combination is what makes real estate deals possible. Our company has made a long-term commitment to the blocks around the Morristown station, and bringing NJ TRANSIT’s land into that effort lets us plan for the area as a whole. We appreciate NJ TRANSIT recognizing the value of putting excess land back to work – not just for the financial benefits, but also for creating a more beautiful, functional neighborhood. We look forward to working with NJ TRANSIT and the Town of Morristown as we shape the next chapter for Morristown Station,” said Tom Maoli, Member, V Fee Lafayette Realty LLC.
Why NJ Transit is developing land
The negotiations are part of the agency’s effort to earn revenue from its property portfolio while encouraging development near transit. Its LAND Plan, published in October 2025, identifies opportunities involving housing, commercial development, parking, advertising and other uses of agency assets.
The plan estimates $1.2 billion to $1.9 billion in additional agency revenue over 30 years from implementing its broader recommendations. Those are portfolio-wide projections, rather than a revenue estimate for Morristown.
NJ Transit describes development near stations as a way to produce recurring income through land leases or sales while placing homes and businesses within walking distance of rail service. Its briefing also says the proposed policy changes are options for consideration and recognizes the role of municipalities and the Legislature.
For Morristown, the next step identified in the announcement is to develop the program with the town. Details about the mix of uses, development scale and parking arrangements remain to be established through that work.