BRIDGEWATER, NJ - After a case was presented, the Bridgewater Township Planning Board voted in favor of accepting a request to make the Advance Realty land on Route 202/206 a property in need of redevelopment.
Advance Realty is the management company that owns the property where Sanofi was previously headquartered on Route 202/206. The first request for it to be designated a property in need of redevelopment was made in June, but was originally denied.
The council later voted in favor of the investigation, initially sending it to the planning board for consideration.
The site is currently 63 acres. Sanofi vacated the property, which currently has a few pharmaceutical companies housed in it.
According to an attorney with Advanced Realty, the site was once assessed at $140 million, and now it is assessed at $50 million. At full build-out on the site (which is currently mostly vacant), the property could be assessed at $179 million.
Now, according to Township Council President Matthew Moench, that recommendation will come before the Township Council, which will also have to decide whether to accept it as an area in need of redevelopment.
“The planning board voted to accept the recommendations and report by the staff that the site is deemed an area in need of redevelopment,” he said. “Now, at some point, it will come back to us to decide if we accept that recommendation.”
If the council does accept the recommendation, Moench said, they must then decide whether the Planning Board will be responsible for making that plan, or if it will be done by the council.
If the council does not accept the recommendation, then the company’s request for the area to be considered in need of redevelopment is dismissed.
“That is on the horizon for us,” Moench said. “The Planning Board approved it, and it’s a pretty exhaustive report.”