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.
Source
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.
Source
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