Tuesday, June 28, 2005

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."



Anonymous Anonymous said...

"It's entry road is marked by a water tower in the shape of an early transister"

Is that what is was? Since I was a kid I thought it was in the shape of a champagne glass with a cherry (red light) on top. Maybe Toll Bros. could leave it there and call the developement "Cristal"!

Tuesday, June 28, 2005 11:00:00 PM  
Anonymous Anonymous said...

If you're 10K in tax figure per house is correct, the development is almost certainly a net negative for current homeowners.

Put 1.5 school age kids in each house and you're adding at least 15K to the school budget, and I'm being optimistic.

Wednesday, June 29, 2005 1:55:00 PM  
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