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MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and locally based developer Scotto Properties is underway on a new headquarters project for Valley National Bank in the Northern New Jersey community of Morristown. The development team has commenced demolition work of the existing structures on the site, and vertical construction will begin later this spring. Upon completion, which is slated for May 2023, Valley National Bank will relocate from Wayne, N.J. The company ultimately plans to employ about 660 people at its new campus, which will also house 14,500 square feet of retail space. Gensler designed the project.