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HOLMDEL, NJ–Somerset Development is back on track with its proposed redevelopment of the iconic Bell Labs property here, and will close on purchase of the site from Alcatel-Lucent on Dec. 31. Purchase price was not disclosed.

“It definitely feels good to be in the driver’s seat again,” Ralph Zucker, CEO of Somerset, tells GlobeSt.com. He and the Holmdel mayor both said work is beginning immediately on a formal redevelopment agreement.

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