Sarnoff's campus will still be huge. But the original plan of building 3.5 million sf for use by the organization and its spin-off firms will be reduced to 2.9 million sf, according to James Carnes, Sarnoff's chief executive officer.
According to the report, the last step in completing the deal to transfer the property is the township's final approval of Sarnoff's development plans for the remaining 255 acres. That approval is expected to come early next year.
While university officials haven't disclosed their plans for the site, it is expected to be developed commercially over the long term. Currently, the 90 acres has approvals for up to 800,000 sf of space.
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