Advancing its plans for redevelopment of a 171-acre parcel in the Eatontown section of the Fort, the Fort Monmouth Economic Revitalization Authority (FMERA) Board this month approved entry into a Purchase and Sale and Redevelopment Agreement (PSARA) with Martelli Development Group, LLC for Suneagles Golf Course. The parcel includes historic Gibbs Hall, Joe’s Sports Bar/19th Hole, and the 21 vacant buildings that make up the Megill Housing Area. The property also contains an in-ground swimming pool, tennis courts, maintenance facility and pro-shop.
Martelli Development Group has offered to purchase Suneagles for $5 million, which is consistent with the property’s appraised value. The developer proposes to renovate Gibbs Hall as a first-class banquet facility, make upgrades to the golf course and restrict it to a golf course use for 40 years, and build 75 new housing units, including 60 luxury condominium townhomes and 15 affordable rental apartments.
“The Board’s approval to enter into a PSARA with Martelli Development Group is a meaningful step in the redevelopment of this sizable property and the future improvement of the golf course,” FMERA Board Chairman James V. Gorman said. “It’s an exciting time for FMERA and Eatontown as we anticipate the appeal of this property to attract both golfers and home buyers.”
Salvatore Martelli, who heads both Martelli Development Group and Martelli Signature Homes, possesses over 25 years of experience as a custom home builder and commercial developer/contractor, with projects in New Jersey, New York, California, Florida and Costa Rica. The projected improvement cost is $29 million.
Because the project includes the demolition of the existing Megill Housing and development of 75 new housing units, FMERA will need to re-zone the site, and the purchaser will be required to obtain Mandatory Conceptual Review, site plan and subdivision approvals before it can close on the property and start construction. FMERA expects to close on the purchase in 2018.
Note: FMERA Board action is subject to a ten (10) day veto period by the Governor.