Revitalizing Fort Monmouth

Before You Go

By Anthony Bucci, Assistant Editor On Dec 1, 2014

In charge of transforming Fort Monmouth, the Fort Monmouth Economic Revitalization Authority (FMERA) is three years into a 20-year plan of redeveloping and reusing the military installation to develop, promote and encourage economic growth for the region, according to Bruce Steadman, FMERA’s executive director.

Fort Monmouth, which is located on 1,126 acres of land in Tinton Falls, Oceanport and Eatontown in Monmouth County, was closed in 2005 as part of the Department of Defense’s Base Realignment and Closure program. In 2012, the New Jersey Economic Development Authority purchased half the acreage from the US Army for $1 and formed the FMERA to manage its redevelopment. According to Steadman, the FMERA is on track to acquire the remaining property by May of 2015 for fair market value. Due to the New Jersey Economic Opportunity Act of 2013, tax incentives have allowed FMERA to spend $50 million on infrastructure upgrades and the demolition of the majority of existing buildings.

The FMERA plans to have 500,000 square feet of retail space, 2 million square feet of commercial space, 300,000 square feet for civic, governmental and educational space and approximately 1,600 housing units at the site.

So far, two major companies have committed to the fort. Data management company CommVault is in the process of building a $100-million, 650,000-square-foot facility in Tinton Falls, which will create a few thousand jobs, according to Steadman.

Additionally, AcuteCare Health Systems has acquired the former Patterson Army Hospital and is investing $5 million to renovate the building into a nursing home and outpatient hospital. This will create approximately 200 new jobs.

“We have had a number of other companies and developers that have shown major interest in the property,” he says. “We have had approximately 500 tours and meetings with potential companies in the last three years, showing off the property and how it is a great area to not only do business in, but to live in and play in as well.

“There aren’t too many places along the East Coast that have this much land, are 10 minutes from the ocean, an hour from New York and in close proximity to Philadelphia,” Steadman continues. “The talent and employee pool in Monmouth County is also second to none, so it is an extremely attractive place for businesses and those looking to live in New Jersey.”

Currently, Steadman says there are another seven projects that are in the process of being discussed and negotiated and another 10 behind that.

“Our goal is to bring people and companies here to provide tax revenues and jobs to the three municipalities in which the fort is located,” Steadman concludes. “There were 5,000 direct jobs lost when the army left. When all is said and done, we project to create approximately 10,000 jobs and have 4,000 people living here, while attracting $1.5 billion in redevelopment investment.”

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