HOLMDEL, NJ–Back in the 1980s, Chase Manhattan Bank bought a 416-acre tract in this then-rural Monmouth County township for $23 million, intending to build some offices. Chase received preliminary approvals, but the project never happened.

Now, Chase is looking to sell the property, and the logical use would be some sort of commercial development. But officials in Holmdel, which is now decidedly suburban, are looking to keep the township’s last large undeveloped tract just that way. The township committee has approved a bond ordinance for $500,000 as its share of the cost of buying the property from Chase, and has passed a resolution indicating a willingness to go as high as $4 million.

The township is part of a consortium of state and county agencies, including the state Green Acres program, which combined expect to meet Chase’s price, said to be in the area of $25 million. If the sale goes through, intended uses include open space or parkland, or even returning it to farmland.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.