As previously reported in MercerMe, Bristol Myers Squibb (BMS) will be closing its Hopewell Township campuses located on Pennington-Rocky Hill Road and Carter Road by 2020. BMS employs 1,259 BMS employees currently at those locations and represents 5.9% of the Township’s tax base.
“Having a plan to fill this space and maintain the Township’s ratable base is a top priority for me and the entire Committee,” said Hopewell Township Mayor Kevin Kuchinski, at the Committee meeting on September 11, 2016.
Kuchinski explained that a major component of the plan to maintain the ratable base is to sell the BMS locations to another life science company or, if needed, multiple companies. To that end, the New Jersey Business Action Center has agreed to work closely with Hopewell Township, Mercer County, and the real estate firm hired by BMS whose specialty is in the pharmaceutical and biologics industries, to market the properties.
In a recent meeting, the real estate company expressed a positive outlook in having 2-3 years to market the locations that contain many valuable on-site assets attractive to life science clients. Additionally, as part of the Township’s Affordable Housing settlement, Kuchinski explains that there is a possibility that approximately 50 affordable housing units will be built on currently undeveloped BMS-owned land.