Bell Works owner completes $15.3M Fort Monmouth land deal

OCEANPORT – Ralph Zucker's Somerset Development team, which turned the former Bell Labs site in Holmdel into the tech mecca Bell Works, will invest millions of dollars at Fort Monmouth, where it will launch a new luxury home community.

Zucker's team officially purchased the 15-acre parcel on Parker's Creek on Nov. 24 for $15.3 million, after a three-year-long closing period that saw delays brought on by the COVID-19 pandemic.

An original sale price of $17.5 million was reduced by $2.2 million after Somerset found the soil conditions will require more expensive piling and fortified footings to build the foundations, according to an amendment of the purchase and sale agreement.

A conceptual design of new townhomes to be built at Fort Monmouth's historic Lodging Area in Oceanport.
A conceptual design of new townhomes to be built at Fort Monmouth's historic Lodging Area in Oceanport.

The Fort Monmouth Economic Revitalization Authority, or FMERA, which is in charge of the former U.S. Army's base's renaissance, said the group will invest between $25 million and $30 million to build 144 luxury, market-rate townhomes plus an additional 36 residential units of affordable housing.

Somerset has partnered with PulteGroup, a national home construction company based in Atlanta, on the development.

The intended price tags on the homes have not yet been disclosed. Representatives of Somerset and PulteGroup weren't available for comment Tuesday.

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The residential redevelopment will produce a ratable for Oceanport with an assessed value of approximately $100 million, which will yield a net tax revenue share for the borough of $10 million over the next 10 years, FMERA said.

“We are excited about Somerset’s plans for the Lodging Area,” said Sarah Giberson, FMERA's marketing and real estate development senior officer. “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.”

The Lodging Area, as FMERA identifies the parcel, contains eight buildings on Signal Avenue, which borders Parker Creek. The property is adjacent to the former Officer Row housing that was renovated by RPM Development to create East Gate, a community of luxury townhomes priced between $400,000 and $800,000.

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It also butts up against the Allison Hall Complex, which served as a military hospital. TetherView Property Management is under contract to buy that parcel and develop it into a small commercial hub with retail, office and business space, a boutique hotel and restaurant. The group received a liquor license for the restaurant in March.

TetherView's principal is Michael Abboud, who also owns Russel Hall, the fort's former headquarters and a stone's throw from Allison Hall, East Gate and the Lodging Area. Abboud owns a tech company. also called TetherView, in Russel Hall.

Somerset's design will include a waterfront walkway or promenade connecting to East Gate and the Allison Hall Complex, as the three projects are intended by FMERA to be compatible.

The rest of Somerset's plan will follow what FMERA's Executive Director Bruce Steadman called a "traditional neighborhood design" of townhouse dwellings with ground-floor, two-car garages and two levels of living space above, and pedestrian sidewalks.

A conceptual design of Somerset Development's townhomes to built at Parker Creek in Oceanport, on the site of the former Fort Monmouth military base.
A conceptual design of Somerset Development's townhomes to built at Parker Creek in Oceanport, on the site of the former Fort Monmouth military base.

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Somerset will demolish six of the buildings on the parcel. The remaining two — Gardner Hall and Scriven Hall — are located within the Fort Monmouth National Register Historic District and are subject to historic preservation covenants. Garnder Hall and Scriven Hall will be used for affordable housing units.

The work is estimated to create 231 temporary construction-related jobs in connection with the project, which is expected to be completed in five years.

When Jersey Shore native Dan Radel is not reporting the news, you can find him in a college classroom where he is a history professor. Reach him @danielradelapp; 732-643-4072; dradel@gannettnj.com.

This article originally appeared on Asbury Park Press: Bell Works owner purchases Fort Monmouth NJ site for luxury homes