Somerset Development Signs Contract for Alcatel-Lucent Property

Elsie Sterling Howard Oversight LLC of Miami is no longer in the picture, said Holmdel Mayor Patrick Impreveduto.

Somerset Development has entered into a contract with Alcatel-Lucent to purchase the 473-acre Crawfords Corner Road property in Holmdel for an undisclosed price, Mayor Patrick Impreveduto said Wednesday night. The closing date is Dec. 31.

Somerset will develop the property in accordance with the township's Redevelopment Plan adopted in May if the deal is sealed, Impreveduto said. 

"I'm really excited -- excited we are moving forward," said the mayor, who met with Somerset's Ralph Zucker and his associate at Town Hall on Wednesday afternoon.  

The new agreeement with Somerset was confirmed by Alcatel Lucent spokeswoman Denise Panyik-Dale. "We can confirm a new contract has been signed with Somerset Development," she said Wednesday night, adding that Somerset agreed to follow the Redevelopment Plan adopted by Holmdel in May, 2012. She could not offer further details. 

According to Impreveduto, the deal with Elsie Sterling Howard Oversight officially fell apart last week. 

"We had known that Elsie Sterling had put down a significant amount of money, but Elsie Sterling had missed a payment in August. They had tried to work it out with Lucent. As of last week, it feel apart," he said.

Ralph Zucker, who had been one of several developers working with Sterling Oversight to develop the vacant 2-million square foot building "jumped right in, and offered Lucent a contract last week," said the mayor.

Somerset Development already knows its way around the property, as the company had previously worked for many months on a mixed use plan in consultation with Holmdel Township officials until Sterling Oversight suddenly stepped in and contracted for it in February.

The Somerset plan broadly focused on enhancing ratables, mitigating the impact on the surrounding residential areas, preserving the architecturally significant Bell Labs building, creating a vibrant public space and retaining the open space on the property in agreement with Holmdel's priorities. Much of the Redevelopment Plan (see document attached to this article) reflected its ideas.

Zucker was traveling Wednesday night and could not be reached for comment. 

Impreveduto said Holmdel's next step is to get a Redevelopment Agreement in place with Zucker. "The lawyers will be drawing it up," he said. 

Pam June 20, 2013 at 10:41 AM
Joe, your posting of 6/13 recounted facts. Facts which Holmdel would be wise to keep in mind as this project moves forward. Don't see why you feel the need to apologize. :)
Jon Boody June 20, 2013 at 10:53 AM
This is likely the doings of Somerset's attorneys, judging from the wording. These same attorneys will walk all over Holmdel if we let them.
Pam June 20, 2013 at 01:01 PM
Omg Jon! I was suspecting the same thing! I guess it's pretty obvious though, isn't it.....
Jennifer July 04, 2013 at 10:10 PM
Somerset has sued google, trying to subpoena the identity of some bloggers in Lakewood that posted comments about him. Google fought it, the judge ruled it was protected anonymous speak, consisting of opinion, and not actionable, but Mr. Zucker is still pursuing his lawsuit, and a separate lawsuit against the John does and their attorneys, trying to force the attorneys to reveal who they are representing, a back-door way of finding out exactly what the judge had said he was not entitled to know. These anonymous defendants are already being forced to pay attorneys. So what do you think Mr. joe was afraid of? Zucker is a powerful man, and well-connected. governor Christie stops down in Lakewood every couple of months to pay his respects, and at his last stop, pick up the endorsement of the Vaad - know who used to run the Vaad? Ralph Zucker.
Sharon Millicent March 25, 2014 at 07:59 AM
Just curious....Is this site still for sale to commercial investors?


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