East Gate Oceanport: Adaptive Reuse of a Unique Historical Property
How do you turn a closed and neglected U.S. Army post into a luxury residential community?
CB New Homes was chosen by the redeveloper of New Jersey’s 1,126-acre Fort Monmouth to provide both marketing consulting services and professional sales effort for East Gate Oceanport, an adaptive reuse of a unique historical property with modern appeal.
East Gate, the first residential community to open at the 1,126-acre Fort, is a mix of 68 townhomes, single-family attached, and single-family detached homes that were built in the 1920s as officers’ housing. The homes are historically significant and have been completely rehabbed and refurbished with every modern convenience and luxury appointments throughout.
Government preservation standards required that the historic exteriors be retained. CB New Homes consulted extensively with the developer and architect regarding the layout of the interiors, including which walls to keep to preserve the historic character and which to remove to provide the open layout homebuyers want today.
CB New Homes recommended that the developer semi-finish the homes’ English basements by insulating and sheetrocking the ceilings and painting the existing floors. This enhanced the utility of the basements, which are lacking in many attached housing communities, and provided many options for those seeking additional living space in their new home.
To maximize the value of large private outdoor spaces – itself a rarity in attached housing – CB New Homes recommended the developer include 200 square foot concrete patios with each townhome and 400 square foot concrete patios with each single-family attached home, integrating the patios into the purchase price rather than offering them as an upgrade. This has proved immensely popular with homebuyers, as it is a significant differentiator and visibly demonstrates the value of the outdoor space.
With 68 homes of three different types, CB New Homes proactively managed the release schedule, building value and increasing prices more than 15 percent over the life of the community, and saving the best until last – “Officers Row,” a collection of single-family attached homes offering water views over the Parkers Creek estuary.
In its role as marketing consultant to the project, CB New Homes brought in a PR firm to leverage public interest in the redevelopment of the Fort. The resulting earned media resulted in palpable enthusiasm for East Gate by potential homebuyers.
CB New Homes’ Sharon Bloodgood, the New Jersey Builders Association 2019 Salesperson of the Year, implemented the successful opening of East Gate Oceanport, kicking off the first nine months with 30 executed agreements of sale totaling $18.5 million. She achieved these exceptional results with no pricing incentives or concessions and exceeded the absorption goal by 135 percent. To date, East Gate Oceanport stands at 90 percent sold out.
Perhaps more impressive is the fact that Sharon was operating under a significant challenge: Fort Monmouth had closed in 2011. Despite the commencement of a massive redevelopment effort, seven years of non-maintenance of buildings, lands, and roads had yielded an abandoned look to much of the Fort.
With this physical environment as a backdrop, Sharon not only consistently meets or exceeds her absorption goals, but successfully sells the vision for the overall Fort redevelopment. Educating prospective buyers on the Fort redevelopment plans and progress, she builds confidence and excitement about the opportunity to be part of this growing, new community.
CB New Homes’ innovative approach to selling and marketing this unique and historically significant property is just one example of our visionary approach to every project. Powered by the Coldwell Banker brand, CB New Homes partners with real estate developers every step of the way in the introduction of new residential properties. From opportunity evaluation and product design, to marketing and sales, CB New Homes acts as adjunct staff, bringing a winning combination of entrepreneurial thinking and decades of experience to maximize profitability.
Isn’t it time you contacted the tri-state area leader in new home marketing, sales, and leasing for your next property?
Reach out to us today at (973) 407-5460 or firstname.lastname@example.org.