The Fort Monmouth Economic Revitalization Authority (FMERA) announced that it has sold the Lodging Area in Oceanport, to developer Ralph Zucker of Somerset Development (Somerset) for $15.3 million. The parcel consists of approximately 15 acres, containing eight buildings, two of which are listed in the National Register of Historic Places. Somerset plans to construct 144 new townhomes and 36 affordable residential units. The sale of the property occurred on 11/24/2021.
“Somerset’s designs are based on the principles of smart growth, traditional neighborhood design, and interactive community living, which is highly complementary to our recently-completed projects and those in the pipeline,” said FMERA Executive Director Bruce Steadman. “With extremely high demand in the residential market, combined with the talents of, and planned investment by, Somerset’s team, we expect this project to be a homerun for Oceanport.”
According to Steadman, Somerset’s capital investment in the project is expected to be between $25 million and $30 million. Somerset estimates that it will create 231 temporary construction-related jobs in connection with the project.
The redevelopment of the Lodging Area will consist of the demolition of Buildings 360-365, allowing for the construction of new luxury, waterfront townhomes, while Buildings 270 and 271, known as Scriven Hall and Gardner Hall, will be restored and redeveloped as 36 affordable residential units. Buildings 270 and 271 are considered contributing resources to the Fort Monmouth Historic District and must remain in perpetuity. Somerset will take all necessary measures to ensure the National Register historic preservation covenants are observed.
The project is situated on Signal Avenue within the Main Post Area of Fort Monmouth in Oceanport, adjacent to the on-going Allison Hall redevelopment project.
“We are excited about Somerset’s plans for the Lodging Area,” said FMERA Marketing & Real Estate Development Senior Officer Sarah Giberson. “This developer has already made a significant investment in Monmouth County and is known for planning and designing innovative, high-quality projects and creating attractive, livable communities.”
Somerset will also design, fund and construct the portion of the waterfront walkway that is planned for the Property’s northern boundary along Parker’s Creek.
According to Giberson, residential demand at the Fort and within the surrounding communities remains strong. Barker Circle, also in Oceanport, is now undergoing redevelopment and will include 75 residential units and other commercial development. Other residential projects have been completed in the past three years, including East Gate and Liberty Walk by RPM Development in Oceanport and Patriots Square and Anthem Place, by Lennar in Tinton Falls.
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