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NEPTUNE, NJ-Ground was broken yesterday on the first phase of Garden State Hi-Tech Park in this Monmouth County community. At build-out, the project is slated to encompass about four million sf of class A corporate and technology-related space (see earlier stories). While developer Garden State Hi-Tech Park, LLC hasn’t announced a timeline, sources in the brokerage community estimate that it will take at least a decade to complete.

The developer is actually a privately-owned company made up of principals said to own more than 100 properties in the tri-state area of New Jersey, New York and Connecticut. To fill the projected space, the group is targeting corporate operations, telecom and semiconductor companies, R&D operations, pharmaceutical companies, and insurance and government contractors. The project will also include a hotel and conference center with more than 200 rooms.

The development site is largely vacant. As the project evolves, Garden State Hi-Tech Park LLC will provide development, construction, marketing and management services.

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