Business & Tech
Somerset Closes on Lucent Property, Becomes New Owner
"It's great, we're looking forward to moving Holmdel forward," the mayor said.
Less than two weeks after an agreement was struck between Holmdel Township and Somerset Developers, the developer made good on its deal to close on the property before Sept. 30.
Mayor Patrick Impreveduto said he received the call around 3 p.m. on Thursday that the property is now officially owned by Somerset, news the township is excited about.
"It's great, we're looking forward to moving Holmdel forward," the mayor said.
Impreveduto said this means Somerset can begin marketing the property, and working on Phase 1 of the redevelopment, which only includes revamping the existing building.
"It's the largest piece of vacant land in the United States. We're ecstatic."
In a special committee meeting on Aug. 20, Holmdel Township officially accepted the redevelopment agreement presented by Somerset Developers.
In July, the Holmdel Planning Board accepted Somerset's plans to reutilize the 1,675,000 square foot main building on the property which will include township office, a new library, a satellite college campus, an assisted living and more.
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