will take its time deciding how to proceed with plans for a 1-million-square-foot office complex in Bellingham, Mass.
Zoning officials previously rejected the far-reaching proposal, which includes soccer field and running track, citing concerns about building height and earth removal. EMC, based in nearby Hopkinton, has appealed that ruling.
Last night, the Hopkinton, Mass., company withdrew its plan "without prejudice," pending the outcome of the appeal. If unsuccessful in overturning the town's objections, EMC can resubmit a revised plan at a later date, essentially picking up where it left off in the permitting process.
"We have not made any decision to cancel the Bellingham project," said Mark Frederickson, an EMC spokesman.
But Frederickson conceded that "the project is not as time critical to us as it was several months ago because we've slowed out growth." EMC last month announced cuts of 1,100 jobs, or 4 percent of its workforce. It has also lowered its revenue growth target from 35 percent to 20 percent.
Even with the Bellingham in limbo, EMC still has one of the largest physical presence of any Bay State company. It currently has more than 4 million square feet of space and is seeking approval for or building another 4 million square feet, Frederickson said.
Shares of EMC were down 1.15, or 3 percent, at midday to 33.59. In the last year, the issue has ranged from 25 to 104.9375.
As economic conditions temper the urgent need for space, the data storage giant takes its time deciding how to proceed with a 1-million-square-foot complex in Bellingham, Mass.
As economic conditions temper the urgent need for space, EMC