Neptune Township approves 4 million SF Garden State Hi-Tech Park

Real Estate Weekly, Sept 20, 2000

The Neptune Twp., N.J. planning board has unanimously approved the general development plan for a 4 million SF corporate and technology center proposed by Garden State Hi-Tech Park, LLC, a group of local investors.

The approval came at the board's Aug. 16 meeting.

Located within minutes of the Garden State Parkway at Exits 100 and 102, and the Interstate 195, the proposed development will be strategically situated on 166 vacant acres in a non-residential area of Neptune. The property is located between State highways 18 and 66, Neptune Boulevard, and the Wayside Road.

The suburban office park will include up to 18 office buildings, ranging from two to six stories, which will be designed to attract a mix of corporate tenants within New Jersey's emerging technology economy. In addition, a 12-story, 200 rooms, first-class hotel and conference center will be located on the property. To facilitate corporate travel, a helistop will be added on the eastern side of the park.

The developers expect to submit site plans for approval before the year-end to begin construction on the first phase of the project, consisting of a minimum of 150,000 SF. "Development of The Garden State HiTech Park will bring the existing vacant land to productive use and will also support the local economy by establishing tax ratables, creating new job opportunities within our talented labor market, and supporting the local retail market in and around Neptune town ship," stated Neptune township mayor Kevin B. McMillan. "We welcome the project and look forward to continuing our collaborative efforts with the owners and developers of The Garden State Hi-Tech Park."

The governing body includes mayor McMillan, deputy mayor Joseph E. Krimko, and township committee members Thomas J. Catley, James W. Manning, Jr., and Patricia A. Monroe. Michael J. Bascom is the executive director of the Neptune township Economic Development Corporation (EDC) and the township's chief financial officer and economic development director. Philip D. Huhn is the township business administrator and Kurt Cavano is president of the Neptune township EDC.

According to Cushman & Wakefield of New Jersey, Inc., the real estate firm that will serve as the exclusive leasing agent for the property, there is immediate demand in the region for up to 1.25 million SF of office space.

Garden State Hi-Tech Park, LLC is also being represented by William O'Hagan of Stout & O'Hagan in Neptune, N.J., for the general development applications and by Jerold Zaro of Ansell, Zaro, Grimm & Aaron in Ocean township, N.J., who serves as corporate counsel.

As high-tech firms and corporations continue to migrate to Monmouth county, which was selected as the Third Best Place to Live by Money Magazine, the area has become known as the Silicon Parkway due to its high concentration of telecommunication and Internet businesses. This network of companies includes AT&T in Middletown, Lucent Technologies in Holmdel, and Telecordia Technologies, Inc. (formerly Belcore) in Red Bank. The Garden State Hi-Tech Park is targeted for corporations, telecommunications, and semi-conductor companies, research and development divisions, biotechnology firms, wireless communications, insurance companies, and government contractors.

The area's current corporate neighbors include American General, Prudential Property & Casualty, GPU Energy, NestleUSA, and Waterford Wedgewood USA, as well as the U.S. Army Communications-Electronics Command Center at Fort Monmouth, in Eatontown.

As a suburban office campus, The Garden State HiTech Park features 70 acres of green open space, most of which will be preserved in its natural state. The outdoor park-like landscape will incorporate waterfalls and ponds; recreation areas; natural wooded areas with walking and jogging trails winding throughout the property; and Atlantic Ocean views from its highest point.