Mid Atlantic Real Estate Journal — Owners, Developers & Managers — March 29 - April 11, 2013 — 13A
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O WNERS , D EVELOPERS & M ANAGERS Plan calls for creation of mixed-use town center Somerset Dev. to redevelop former Bell Labs Building H OLMDEL , NJ — Leading real estate developer Somerset
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Development announced today that the Township of Holmdel has designated the company as the redeveloper of the former Bell Laboratories property in Holmdel, comprising the two- million s/f former Bell Labs building and 473-acres sur- rounding the facility. The designation paves the way for Somerset to enter into an official Redevelopers Agreement with the township pursuant to a 2012 resolution designating the property in need of redevelopment. Somerset, which specializes in the creation of award-win- ning Traditional Neighborhood Design developments, has spent the past several years working closely with the community in Holmdel and Township officials to devise a comprehensive plan for the adaptive reuse of the for- mer Bell Labs building that will transform the iconic structure into a vibrant, mixed-use town center for Holmdel. Somerset ’s plan, whi ch formed the basis of the official Redevelopment Plan for the site adopted by the Township in 2012, calls for the trans- formation of the building’s existing Atrium into a pedes- trian-friendly public “prom- enade” and the incorporation of a balanced mix of uses to potentially include supportive retail and shopping and dining options, health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. In addition, the approved plan allows for residential, rec- reational and open space uses outside the building, including the development of up to 40 single-family homes and 185 age-restricted townhomes, as well as a field house for sports and an 18-hole golf course. “Today’s announcement fol- lows more than four years of collaborative efforts by the Township, the public in Holm- del and Somerset Development to identify a solution for the future of this significant prop- erty that will contribute to the preservation of our Township’s exceptional quality of life,” said Holmdel Mayor Patrick Impreveduto. “Specifically, this plan supports our objec- tives to generate valuable tax ratables, preserve open space, and provide our community
Mid Atlantic Real Estate Journal Linda Christman, Publisher/CEO 800-584-1062 or 781-871-5298 • fax 781-871-5299 www.marejournal.com The source for commercial real estate news in the Mid Atlantic Area. R EAL E STATE J OURNAL
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Former Bell Laboratories property in Holmdel, NJ photo credit: Wikipedia
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