Holmdel Accepts Somerset's Terms of Redevelopment at Bell Labs

In a special committee meeting on Aug. 20, Holmdel Township officially accepted the redevelopment agreement presented by Somerset Developers for the former site of Bell Labs.

Talks between the township and Somerset began in 2008, prompting Holmdel to create its own redevelopment and rehabilitation plan for the property in 2012 through an ordinance.

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.

According to the agreement, which outlines the financial and legal responsibilities of Somerset, the title to the property will be transferred to Somerset on or before Sept. 30 of this year. 

During construction, a township Redevelopment Committee will consist of "township engineer and planner and may include the township zoning official and a member of the township governing body or planning board," and will guide the process of redevelopment but will not replace government certifications required by law.

Quarterly progress meetings between the township and representatives of the developer are also detailed in the documents.

Neighborhood impacts during construction were addressed, with the developer recognizing the need to keep noise pollution, lighting and mess to a minimum. Parking will be created for construction crews at the cost to the developer.

The agreement takes another step toward construction on the property, however only Phase 1 of the project regarding the existing building has been approved. The payment in lieu of taxes program has not been finalized by the township yet.