Bloomberg Expansion Expected to Bring 1k New Jobs to South Brunswick

A major 10-year expansion project for Bloomberg Finance could prove to be a boon for the region after being given the green light last week by the South Brunswick Planning Board.

An application from Bloomberg, LP to expand their existing data center on Ridge Road was unanimously approved, which is expected to bring approximately 1,000 new jobs to the area, township officials said. The expansion to the Bloomberg Finance facility includes the construction of six buildings totaling 312,000-square feet on an existing 64-acre lot, joining with Bloomberg's existing 198,000-square foot facility.

"Besides bringing in a great tax ratable, over the course of the 10-year project Bloomberg expects to hire another 1,000 people with high tech jobs, so there's a benefit there too," said South Brunswick Mayor Frank Gambatese.

The current data center operated by Bloomberg on Ridge Road monitors financial conditions from all over the world. The expansion will add office buildings and a maintenance facility to the property.

With an influx of new workers coming into the township over the next decade, Gambatese said South Brunswick must work to correct existing traffic issues in the area that will be exacerbated by the expansion. Township officials are hopeful the completion of the Route 522 expansion will alleviate the congestion problem by diverting commercial traffic away from the five-corners intersection in Dayton.

A recent agreement between South Brunswick Township and the state Department of Environmental Protection will allow for the completion of the extension for Route 522 between Route 130 and Cranbury–South River Road.

"This will require the township to do good planning regarding traffic, especially at the five-corners intersection in Dayton," Gambatese said. "We have to make some changes. We'll work with the county and Bloomberg to come up with a plan to modify what has been a long time problem for the residents who live there."

The extension is expected to reduce commercial truck traffic in residential areas along Ridge Road through the construction of a connector from Route 522 to Fresh Ponds Road, which will limit access for trucks from Route 130 to Fresh Ponds Road.

"Once Route 522 is completed, it will take some of the traffic from Ridge Road that passes in front of the Bloomberg property," Gambatese said. "As a result, Fresh Ponds Road, which connects to Ridge at Route 130, will be a cul-de-sac."

The extension will also allow for two previously approved warehouses to be constructed, which are expected to bring about 200 more jobs to the township.

The Bloomberg 10-year plan is also anticipated to provide a major boost to South Brunswick's tax base, which has suffered major losses during the recession over the last several years.

Since 2007, South Brunswick has lost over $600 million in ratables from successful tax appeals. Over the last 10 years, the ratio of assessed value to market value in the township dropped from about 80 percent to 47 percent. 

"I wouldn't be able to tell what the revenue is going to be, but I think it's going to be tremendous. As an example, let's say if they were to build everything today, hypothetically it could be worth something like $50 million to the town to put up those buildings," he said. "Ten years from now, that $50 million could be $150 million, hypothetically speaking. So it's a great ratable that should be a big increase to our ratable base. There are a lot of benefits the town will derive from Bloomberg, besides them being great corporate citizens."