Dutchess County Will see New Educational Development

     On behalf of Wallace & Wallace LLP posted in Development on Friday, August 16, 2013.

Land originally purchased in 2003 in Dutchess County has changed hands again and finally has a development plan in place. For ten years, the Dover Knolls Development property sat unused, but Olivet Management LLC recently purchased the land in order to build a research and technology institution. The company is tied to Olivet University based in San Francisco. The property purchased includes 503 acres on the Dover development and an option to buy additional land on the other side of the development.

Before Olivet, another company bought the land, which used to house a psychiatric center. The first company who owned the property also wanted to use the property for educational purposes, but there were no colleges or universities interested at the time. The company then tried a different route and applied for state permits in order to build a residential and commercial development. Even in the span of ten years, the plan was still a long way from approval and building construction even further away. That's when Olivet stepped up and worked out a deal.

The community can now look forward to the regrowth of a dormant property. The educational facilities should also help the local community economy. Developers expect the local town will host the educational facilities and information technology center, as well as a place for research and development. In the next few years, developers want to enroll 2,500 students. Students will be housed in the community providing opportunities for retail and business growth. The plan should also create some jobs. It is expected that around 750 full-time teachers and staff will be needed.

With major development plans like this, buyers and sellers on both sides should work extensively to negotiate the terms of the deal. When big money changes hands, it is important that nothing is overlooked. Local property owners surrounding the development can also work with real estate attorneys if any issues arise with the purported used of the new development or if a dispute arises from the building plans.

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Dover Knolls site sold to Olivet Management

After a decade of uncertainty, the Dover Knolls Development property was purchased by Olivet Management LLC to create a research institution and technology hub, according to a release from Olivet.

Olivet Management, on behalf of San Francisco-based Olivet University, said the land in the Town of Dover will accommodate educational facilities, retail vendors, an information technology center and a research and development site.

“Olivet Management is pleased to have the opportunity to restore and revitalize this dormant property,” said spokeswoman Anna Oh. “We are also thankful to help contribute to the economic development of the Dover community.”

See more at: http://www.poughkeepsiejournal.com/article/20130806/NEWS01/130806028/Dover-Knolls-site-sold-Olivet-Management

Correction to TMI article on Olivet University

In a meeting with representatives of Olivet University and Olivet Management late last week, this paper learned that Olivet University in San Francisco has approximately 250 on-campus students and is in its tenth year of operation. It has seven areas of specialization, forming seven colleges. They are Theology, Music, Graphic Design, Journalism, Language Education, Business and Information Technology.

Olivet Management was formed to run the properties that have been acquired with a view to expanding the university. In addition to the Dover Knolls property in the Town of Dover, Olivet Management currently manages other properties in the United States, including one in Houston, Texas.  

Olivet University presently has a business school that offers business courses in New York City. It has applied for a charter from the New York State Department of Education that would authorize it to create a new, Christian based university in the state.

Tony Chiu, a trustee of Olivet University, said the university has a five-year plan for the Dover campus that anticipates a population of 500 students in the first year, pending necessary approvals. Olivet is still in the preliminary planning stages, however, so no plans are firm. Mr. Chiu explained that funds have been promised from alumni and friends for the development of the Dover campus.

Corrections

The Olivet representatives pointed out that last week’s front page story (August 14) incorrectly inferred a connection between the university’s founder, David Jang, and the Unification Church.

Ms. Oh made it clear that Olivet’s theology is in the Presbyterian tradition and is not connected at all to the Unification Church.

Olivet also pointed out that Jang is not formally associated with the organizations listed, but the university has knowledge-sharing and internship programs in place. Jang currently serves as its international president and a professor of the seminary. 

We also identified Mr. William Wagner as president and chancellor of Olivet.  He is no longer president.  The current president is Dr. Tracy Davis. 

This paper regrets it used information found on the Internet without checking its reliability.  

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