Eminent Domain, as many in NJ are all to familiar with, is the power of the government to condemn private property and take ownership for the purpose of public benefit. Public benefit used to mean highways, schools, hospitals etc… However, more recently public benefit has been more broadly defined to include development that will have a positive impact on tax collections. In Newark it was used for the Pru Center and is being used to assemble land for a mixed use development adjacent to the arena.
Iron Mountain has been a tenant in the 350,000 sqft warehouse on McCarter Hwy and Edison St. since 1996.
Their lease plus options could keep them in the building until 2024. The building Iron Mountain is in is part of a redevelopment zone and a target for eminent domain. Iron Mountain challenged the right of the government based upon their not being directly notified of the redevelopment. Essentially the court said no dice, you do not need to be notified.
Iron Mountain – start packing.