Freehold Nursery Sells to Hovnanian
The Brock family-owned nursery and garden center in Freehold Township is in the process of selling its 128 acres of land to one of the nation’s biggest home-building conglomerates. The land tract is located at the intersection of Monmouth Road and Siloam Road.
K. Hovnanian is a publicly traded company on the New York Stock Exchange under the symbol HOV. The company is a significant construction conglomerate that has designed, constructed and marketed housing in 128 communities in 14 states. According to the company’s website, it is one of the largest home-building entities in the United States with total revenues approaching $3 billion for 2022.
Hovnanian already has several developments in New Jersey including Asbury Park, Far Hills, Farmingdale, Howell, Manalapan, Morris Township, Wall and Wharton.
This transaction would represent the second housing development in Freehold. The company has built another development called The Brooks at Freehold. This construction initiative is comprised of 51 single-family homes that range in price between $800,000 and $900,000.
This new development will be repurposed into a subdivision named The Preserve at Freehold, which will be comprised of 128 single-family market-rate homes in addition to 32 duplex affordable homes, according to sources.
The subdivision, located in Freehold, will help the township meet its obligations to provide affordable housing, which meets requirements according to an ordinance passed in 2020.
The sale of the 128-acre tract of land is still pending. The purchase and subdivision must also be approved by the Monmouth County Development Review Committee.
This transaction does not include the Brock Farms Freehold located on Route 9. The Brock family farms 700 acres of land in Freehold, Deerfield, Smithburg, Colts Neck and Bridgeton where their nursery products are grown.
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