At a joint press conference yesterday, the University and Sarnoff Corporation, a technology development company, announced that they have agreed on a plan for the University to purchase 90 acres of the company's 345-acre West Windsor campus. Though the deal has been agreed upon, it still requires approval from West Windsor Township.
The deal — which involves an L-shaped area along Route 1 and the Millstone River — will serve the needs of both parties. The University, according to Vice President for Finance and Administration Richard Spies GS '72, will benefit because the land will "ensure that we can accommodate future academic, research, residential and other educational needs over the very long term." However, Spies said that the University has "no immediate plans for development."
Sarnoff CEO Jim Carnes said, "The proceeds from the land sale will allow us to accomplish the renovation and expansion we need in support of our business in West Windsor."
Before the University can begin building in West Windsor, the township must approve a General Development Plan from the developer, according to Tom Lento, Sarnoff's public relations director. The plan Sarnoff will propose would allow a maximum of 2.9 million square feet of floor space to be built on the company's 345-acre property.
"If the township accepts our plan, the University will gain development rights to 90 acres of our property, which is approximately 800,000 square feet of floor space, Lento said.
The 90 acres of land that the University has agreed to purchase is an L-shaped parcel along Rt. 1 and the Millstone River.
"The land has nothing on it, except our company's sign, a lot of grass and geese," Lento said.
Sarnoff is a technology development and commercialization company that does contract research. The company invents products, which are then produced elsewhere. According to Lento, Sarnoff is the birthplace of color television and is also where the color television picture tube and the color LCD were invented.
Sources were unable to disclose the price the University would pay if the transaction were to occur as planned.
Lento did reveal that after initial, informal contacts were made several months ago, negotiations proceeded in a formal, coordinated fashion.
Though there is no way of knowing when West Windsor Township will make its decision on Sarnoff's plan, both sides remain content in their agreement. As Carnes put it, "We feel this is positive for all concerned."
