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SOMERSET PLANS GROUNDBREAKING AT FORT MONMOUTH PROJECT SITE
slated for commercial and retail destinations.
“Somerset Development has an incredible history of transforming challenging sites into dynamic, thoughtfully designed projects and we’re proud to welcome them to the Fort Monmouth community,” said Bruce Steadman, executive director of the Fort Monmouth Economic Revitalization Authority. “Despite the ongoing pandemic, we anticipate 2021 will see renewed acceleration and positive momentum across all new and ongoing projects. We look forward to the forthcoming addition of Somerset’s new residential community in Oceanport, as well as the rehabilitation of one of the Fort’s many historic assets for reuse.”
The authority, or FMERA, is the state agency tasked with overseeing redevelopment of the entire 1,127- acre Fort Monmouth parcel. Those efforts have led to a growing list
REALESTATENJTM 29 of new commercial and residential
projects on the site and interest from many of the state’s top developers.
For its part, Somerset has tapped renowned designer Marianne Cusato, University of Notre Dame School of Architecture professor and partner in charge of design and development at Cypress Community Development Corp., to work on the project.
“Never has it been more important
to build human-centric communities, where the public realm is a shared amenity and individual buildings work together to generate a whole which is greater than the sum of its parts,” Cusato said. “It’s a privilege to work alongside an industry innovator like Somerset Development to re- envision this historic piece of land and deliver a community that will both contribute to the economic development of the region and create a place that benefits generations to come.”
Somerset Development has landed a key local approval to redevelop a 15-acre section of Fort Monmouth, with plans calling for a mix of 180 townhomes and apartments.
The builder, which is based in Holmdel, is slated to repurpose
a parcel on Signal Avenue near the Oceanport entrance to the decommissioned U.S. Army post. It expects to break ground later this year, the firm said, following a planning board approval by the borough in early March.
“This moment represents an exciting next step as we
move forward
with plans to
reinvigorate a place with both incredible history and unique character,”
as new construction, with high-end interior design, rear-loaded two-car garages and resident access to a private back deck.
Somerset noted that the new townhomes will feature design and architecture that complement Fort Monmouth’s natural landscape and reflect its history. Meantime, it plans to restore and remodel two historic buildings — Gardner Hall and Scriven Hall — to create 36 affordable housing units on the site.
The community will also include a 50-foot waterfront esplanade along Parker Creek and connect to the adjacent Allison Hall riverfront promenade via a boardwalk-style walkway, the news release said. The design will specifically complement the Allison Hall parcel, which is
said Ken Gold,
vice president
of acquisitions and development at Somerset Development. “We consider our contribution to Fort Monmouth’s redevelopment to be a once-in-a- lifetime opportunity that can help transform it into a truly walkable, vibrant place to live and visit.”
Known as the Lodging Area, the development site housed barracks for the Army and runs along Parker Creek, according to a news release. The project will include 144 market- rate townhomes that will be built
Ken Gold
ST. JOSEPH’S TO OCCUPY NEW 140,000 SQ. FT. MEDICAL OFFICE SPACE IN TOTOWA
the site just north of Interstate 80. The property is part of the 140-acre former North Jersey Developmental Center campus, where redevelopment has been ongoing.
“We are proud to have arranged
this significant new addition to St. Joseph’s New Jersey health care footprint,” Rasmusson said. “As St. Joseph’s exclusive real estate adviser,
we worked with them in lockstep from concept to construction as they prepare to occupy the new state-of-the-art facility. Health care centers throughout the state are more important than ever, and it is important to St. Joseph’s that they work with a real estate advisory team that specializes in this critical, specialized sector.” RE
A hospital network is expanding its footprint with a built-to-suit, 140,000-square-foot medical office complex in Totowa, in a newly announced transaction by Lee & Associates New Jersey.
The brokerage firm, which represents Paterson-based
St. Joseph’s
Health, said the
provider will occupy the two- phase complex at 169 Minnisink Road under
a lease with
developer CHA
Partners. Construction is underway on the first phase, a 70,000-square-foot facility that is expected to deliver in
the fourth quarter, as well as a second phase that is slated for late 2022.
Peter Rasmusson, Joe Tornen, Jason Lynch and Bryan Lynch of Lee & Associates New Jersey completed the 15-year lease on behalf of St. Joseph’s.
“In each of the communities in which we are involved, our primary goal is to promote the provision of top-quality health care facilities and services,” said Bill Colgan, managing partner of Bloomfield-based CHA Partners. “We value St. Joseph’s trust in CHA’s ability to deliver a best-in-class medical center that will fulfill the collective goals of St. Joseph’s, CHA and the borough of Totowa.”
CHA, which focuses on health care projects, is the master developer of
A rendering of a 180-unit townhome and apartment project on Signal Avenue in Oceanport, part of the former Fort Monmouth property, by Somerset Development
Bill Colgan
St. Joseph’s Health will occupy a new built-to-suit, 140,000-square-foot medical office complex at 169 Minnisink Road in Totowa developed by CHA Partners.
Courtesy: Lee & Associates New Jersey/CHA Partners Courtesy: Cypress Community Development Corp.