One Town's Stand Against New Downtown Banks

Morristown, New Jersey, wants to ban any new bank branches from the town's business district to protect its lively pedestrian character.

1 minute read

July 8, 2006, 5:00 AM PDT

By Matt Baumann

The town's council is considering a new ordinance aimed at preventing new bank branches from locating in its downtown, which has made recent strides in attracting a mix of retail business after a downturn during the last decade.

"Local officials are worried that banks have already snapped up much of the area's prime retail space and that because of their shorter business hours, they are also cutting into pedestrian traffic."

While rents for retail space in Morristown are averaging $30 a square foot, banks typically offer almost double -- making them difficult to resist for many landlords. Yet worries about future bank mergers and empty branches have made downtown boosters call for a more balanced approach.

Thanks to Matt Baumann

FULL STORY: Banks Sprout Around a Town Green

Wednesday, July 5, 2006 in The New York Times

Community / Economic Development Infrastructure Land Use Urban Development New Jersey

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