Check out this new luxury development at Fort Monmouth
These may go fast!
In recent years, Fort Monmouth has been decommissioned as a military site and the acres and acres of land have laid dormant.
First, we went through the mortgage crisis and its ensuing problems where credit was hard to come by and people were just not buying property. And then there was a period of developer wrangling and the fight for zoning that is inevitable in a parcel of land this big.
With investors on and off the table so many times it seemed like an Atlantic City Casino. Plans for mixed-use developments have been presented and scuttled. But things are finally beginning to turn around there, with many plans in development and some already built.
For example, Liberty Walk is a new development of beautiful rental units. Another enclave of private homes called East Gate has been built and is absolutely stunning. Unless you walk around or drive through the Fort Monmouth property, you don’t realize how stunning it actually is.
Media reports have also mentioned plans for a gym, a microbrewery and a bowling alley on the property.
And that's only the beginning.
With Monmouth County homes so scarce and people slogging through bidding wars, you may be interested to know that a new development is coming to Fort Monmouth. As reported by the Patch, Somerset Development, which is owned by Ralph Zucker. Zucker is the developer behind the resurrection of Bell Works in Holmdel.
The plan to build 144 new luxury townhomes, while pricey, seems to be at a price point that’s almost affordable—somewhere in the neighborhood of $700k. For Monmouth County and townhomes with these amenities, that’s modest.
Zucker paid $15.3 million to buy the land from the Fort Monmouth Economic Revitalization Authority and the plans for the development include 144 townhomes along with 36 affordable housing units along a beautiful, walkable waterfront promenade.
The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Judi Franco. Any opinions expressed are Judi Franco’s own.