By Laura D.C. Kolnoski
Renderings depict how the newest residential development in the Oceanport section of Fort Monmouth will appear when completed.
OCEANPORT – The 15-acre parcel formerly known as Fort Monmouth’s Lodging Area on Signal Avenue will soon be transformed into 144 new townhomes and 36 affordable residential units. The sale of the tract to Somerset Development of Lake- wood and Holmdel was finalized Nov. 24. Somerset, the same firm that purchased and redeveloped Holmdel’s former Bell Labs into Bell Works, is owned by Ralph Zucker.
The property was first of fered for sale in 2016 by the Fort Monmouth Economic Revitalization Authority (FMERA) through its competitive bid process. Somerset purchased the Lodging Area for $15.3 million and plans to invest $25 – $35 million to redevelop it. While some of the site’s eight existing buildings will be demolished, two will be saved, as they are par t of the for t’s historic district and listed in the National Register of Historic Places. The project is expected to generate 231 temporary construction-related jobs. “Somerset’s designs are based on the principles of smart growth, traditional neighborhood design and interactive community living, which is complementary to our recently completed projects and those in the pipeline,” said Bruce Steadman, FMERA executive director. “With extremely high demand in the residential market… we expect this project to be a home run for Oceanport.”
Plans call for “luxury, water front townhomes.” The buildings known as Scriven Hall and Gardner Hall will be restored and redeveloped as 36 affordable residential units. They are considered contributing resources to the For t Monmouth Historic District and must remain in perpetuity. Officials said Somerset will “take all necessary measures to ensure the National Register historic preservation covenants are observed.” The firm will also design, fund and construct a portion of the water front promenade that will be a feature of the redeveloped fort’s northern boundary along Parker’s Creek. Each developer along the water way will build the portion of the walkway that lies within its boundaries.
According to Sarah Giberson, FMERA marketing and real estate development senior officer, residential demand at the fort and within the surrounding communities remains strong. The fort’s Barker Circle, also in Oceanport, is currently undergoing redevelopment and will include 75 residential units and other commercial development. Residential projects completed in the past three years on the 1,126-acre former U.S. Army base include East Gate and Liber ty Walk by RPM Development in Oceanport in renovated former Officers housing, and Patriots Square and Anthem Place by Lennar in Tinton Falls. The fort also spans a portion of Eatontown. In late October, FMERA announced Somerset requested and received approval to subdivide and sublease the parcel to “three entities as affiliates,” citing pandemic-related issues.
The authority unanimously agreed to the creation of three sub-parcels: a 1.24-acre Senior Affordable Lot and a 1.14- acre Family Affordable Lot, both occupying the two historic buildings, and the remaining acreage for a Townhome Development Lot. Rules stipulate Somerset must own 50 percent or more of each sub-parcel and complete the projects in accordance with FMERA sales agreements. The site is adjacent to the Allison Hall parcel, also along the creek, being redeveloped for mixed use with office and retail space, which could also eventually include a hotel.
The article originally appeared in the December 2 – 8, 2021 print edition of The Two River Times.
