Somerset Development Officially Named Redeveloper of Alcatel-Lucent Property
The developer entered into a contract to purchase the 473-acre late last year.
Holmdel Township officially named Somerset Development as the redeveloper of the 473-acre Alcatel-Lucent site, according to a press release issued by the company on Wednesday.
The designation allows the township and and the company to enter into an official redevelopers agreement on the Crawfords Corner Road site pursuant to the Redevelopment Plan adopted in May 2012.
Somerset Development entered into a contract with Alcatel-Lucent for the former Bell Labs property late last year. The deal has not closed yet, according to a publicist for the developer.
The company's development plan for the site calls for the transformation of the building’s existing Atrium into a public “promenade” and the incorporation of a various mixed uses for the property, including retail and shopping, restaurants, a health and wellness center, a skilled nursing facility, a hotel and conference center, educational facilities, and a spa, according to the press release.
In addition, the approved plan allows for residential, recreational 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 follows more than four years of collaborative efforts by the Township, the public in Holmdel and Somerset Development to identify a solution for the future of this significant property that will contribute to the preservation of our Township’s exceptional quality of life,” Holmdel Mayor Patrick Impreveduto said in the release. “Specifically, this plan supports our objectives to generate valuable tax ratables, preserve open space, and provide our community with a destination for lifestyle amenities, shopping opportunities and recreational uses.”