Bell Works owner purchases Fort Monmouth NJ site for luxury homes

OCEANPORT –  Ralph Zucker’s Somerset Improvement workforce, which turned the former Bell Labs website in Holmdel into the tech mecca Bell Performs, will make investments hundreds of thousands of dollars at Fort Monmouth, exactly where it will start a new luxurious household group. 

Zucker’s crew officially purchased the 15-acre parcel on Parker’s Creek on Nov. 24 for $15.3 million, right after a 3-year-extensive closing period that saw delays brought on by the COVID-19 pandemic. 

An original sale value of $17.5 million was diminished by $2.2 million immediately after Somerset found the soil problems will require much more costly piling and fortified footings to develop the foundations, according to an amendment of the invest in and sale settlement.   

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

The Fort Monmouth Financial Revitalization Authority, or FMERA, which is in cost of the previous U.S. Army’s base’s renaissance, mentioned the group will commit between $25 million and $30 million to establish 144 luxury, market-rate townhomes additionally an additional 36 household models of economical housing. 

Somerset has partnered with PulteGroup, a nationwide property design business dependent in Atlanta, on the development.