Bell Works Developer Celebrates $5 Million Holmdel Contribution

HOLMDEL, NJ — Somerset Development, the team behind the acclaimed Bell Works 'metroburb,' announced it has provided over $5 million to Holmdel Township this month. The milestone commemorates the fulfillment of the Bell Works complex redevelopment agreement.

Somerset Development began its redevelopment strategy in 2013, working closely with township officials to create the "self-contained metropolis" against a suburban New Jersey backdrop. Zucker, alongside Director of Operations Robert Feinberg, presented a check for over $5 million to Holmdel Mayor Greg Buontempo and Holmdel Town Administrator Cherron Rountree last month, marking the culmination of the redevelopment process.

“When we revealed our plans to revitalize the historic Bell Labs building, we were frequently met with skepticism about what many thought was an overly ambitious initiative. However, Holmdel Township and its residents ultimately recognized the potential to transform this underutilized building into an economic and cultural asset for generations to come,” said Somerset Development President Ralph Zucker.

“Though there have been challenges along the way, we continued to work diligently to ensure Bell Works New Jersey was a success, allowing us to fulfill our obligation to Holmdel Township, which will further benefit the community at large.”

Since its opening, Bell Works has touted more than one million square feet of commercial leases filling approximately 90 percent of its office space. As of October 2020, the building is home to over 70 businesses and welcomes thousands of workers daily, in addition to regular visitors from the surrounding community.

With two million square feet, Bell Works offers dozens of spaces to eat, work and play in Holmdel. From The Block (which offers a gourmet food court, restaurants, café, boutique group fitness studio, a florist, public dental office and jeweler) to roof decks, co-working spaces and a 100-foot wide atrium, the metroburb presents a blossoming hub of activity for the Holmdel community and region at large.

“Ralph and his team at Somerset Development carried out a unique vision to turn a vast vacant space into this thriving Metroburb” said Mayor Greg Buontempo in a statement. “The success of this project has continued to attract economic development to our town, and, with this contribution, is directly benefiting the present and future residents of our community.”

Following the success of Bell Works New Jersey, Somerset Development is currently working toward $200 million redevelopment plans for a 150-acre property in Hoffman Estates, Ill., which will serve as the second generation of the metroburb, dubbed Bell Works Chicagoland. The project aims to create a downtown-style centerpiece complete with 1.2-million square feet of office space, 60,000 square feet of conference facilities, storage and amenities and 60,000 square feet of restaurant and retail space.

“The old adage of ‘it takes a village’ really holds true with regards to the redevelopment of the former Bell Labs facility. The Somerset team understood the nuances and challenges in revitalizing the historic property, and together with Holmdel’s support, we were able to deliver on our promise,” added Feinberg. “Today, Bell Works is embraced by the Holmdel community and beyond – a credit to the collective stakeholders’ unwavering dedication to seeing the vision through to reality.”

For more information on Bell Works, visit: https://bell.works/new-jersey/explore.