"Late last month, Somerset Development bought the mirrored glass building, completed in 1962, and its pastoral grounds from Alcatel-Lucent for $27 million after the Township of Holmdel approved an ambitious redevelopment proposal that includes plans for a health care center, residences, a hotel and retail space," reports Ronda Kaysen.
"The six-story building will house 50,000 square feet of retail space, the town library and a hotel. The grounds will have pedestrian trails, bike paths and, eventually, an outdoor sports complex. Part of the land is protected wetlands."
“It’s going to be a virtual city,” promised Ralph Zucker, president of Somerset Development. “It is going to have so many uses there that it will have its own identity.”