Here is a Giant Tear Down

Lucent is selling off its giant glass building in Holmdel, on account hardly anyone works there anymore. I propose selling the entire 470 acres to Toll Brothers, which can then build about 352 McMansions on that many 3/4 acre lots. I roughly estimate that the town of Holmdel could yield more in property taxes if the 470 acres are partitioned into small lots. Assuming about 350 lots and annual property taxes of about $10,000, which is probably conservative, I estimate the town can raise about $3.5 million per year. In 2004, the property taxes were about $3.1 million according to the article.

If that plan fails, then how about putting a big shopping center there, with a Home Depot on one end, a Lowes at the other, with a Target in the middle.


"Lucent hopes to make a decision about the building's future by Sept. 30. If it is sold, the company could lease a portion that it needs or move its work force to other locations, Skalko said.

The company could decide not to sell the building, he said, adding, "All of our options are still open."

At about 2 million square feet and sitting on 472 acres, the research building is among the largest commercial office buildings in New Jersey. However, for its size, few people work there now."

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