Steps for Scotch Road

The owners of the property in Hopewell formerly owned by Merrill Lynch have decided to abandon the current zoning, which calls for office use.  They are seeking new zoning that would allow a proposed development dominated by multi-family with some retail and 94,000 sf of office (down from 1,000,000+ sf of office).  Recently, Bristol-Myers Squibb announced that they would develop a site that they own at I-95 and Princeton Pike for their own use.  BMS plans to start construction shortly on a 650,000 sf campus on their 100+ acre property in Lawrenceville.  These two developments significantly reduces the potential supply of Class A office sites in the I-95 corridor.  This will drive up demand for the remaining I-95 Corridor sites as well as properties along the southern portion of the Route One corridor and will bolster the value of the existing limited supply of existing and proposed Class A space in this submarket.

Read the story- Hopewell Township: Steps needed for Scotch Road project on centraljersey.com