Four-Million-SF Business Park Slated

Rapidly growing Monmouth County is routinely being called the tightest office and industrial market in NJ. Its relatively small package of space hardly meets the needs of a county with a population of well over 600,000. That could be changing, however. A partnership, Garden State Hi-Tech Park LLC, is proposing to build four million sf of commercial and technology space in Neptune, a township of some 35,000 people located about 40 miles southeast of Newark and a couple of miles from the Atlantic Ocean.

The developer will be seeking approval of its proposal, which will be presented to township officials at a meeting tonight. The project would be one of the largest single commercial developments in New Jersey, so on that basis alone it raises a number of questions involving everything from traffic and congestion, to environmental impact.

“We will take a look at property facts, impact on the community, labor statistics, tax issues and the economic benefits to be derived,” says Michael Bascom, CFO and director of economic development for Neptune Twp. “This project would serve a distinct need in Monmouth County, especially for technology-related companies, but there are a number of issues that need to be addressed.”

The development would be near the Garden State Parkway and I-195. The 167 acres targeted for the venture are vacant and located in a non-residential area. Garden State Hi-Tech Park, a privately owned company made up of principals who own more than 100 properties in the NJ/NY/CT area, propose to build 18 multi-story buildings for corporate and technology-based tenants. The plan also calls for a 12-story, first-class hotel and conference center. Seventy acres will be maintained as open space, most of which will be reserved.

Garden State Hi-Tech Park is planning to do the whole deal, including development and construction, marketing and property management.