Case Studies

Multi-Use Development
Lily Tulip Redevelopment, Holmdel, NJ

OPPORTUNITY

  • $8.2 million acquisition of defunct Lily Tulip industrial site in Holmdel, NJ
  • 127 acres
  • Existing 1,000,000-square-foot shuttered manufacturing facility

CHALLENGES

  • 64 acres of environmental concern
  • Antiquated zoning
  • Required extensive demolition and site work
  • Complex political and entitlement process

RESULTS

  • Fully constructed multi-use development
  • 158 senior housing units
  • 44,000-square-foot office building
  • 235,000 square feet of retail
  • Public/private partnership
  • First developer to apply for Brownfields approval in New Jersey
  • $200 million created real estate value
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