The Fort Monmouth Economic Revitalization Authority (FMERA) will issue a Request for Offers to Purchase (RFOTP) for the approximately 82-acre Parcel B in the Eatontown section of the Fort. Proposals will be accepted until June 16, 2021. The RFOTP will be available at https://www.fortmonmouthnj.com/bidding-opportunities/open-rfprfotps/.
FMERA simultaneously announced that it will hold a virtual pre-proposal meeting on March 30, 2021 for individuals or entities interested in purchasing the property. Anyone interested in attending the meeting needs to register on FMERA’s website.
Parcel B consists of approximately 82 acres of land and approximately one million square feet of buildings slated for demolition. The site, considered the gateway to the Fort, is located at the main entrance to the Fort, at the intersection of Route 35 and the Avenue of Memories in Eatontown. FMERA envisions redevelopment of the property as a neighborhood village, mixed-use development. Redevelopment of the property will be subject to the Fort Monmouth Reuse and Redevelopment Plan, which operates as the master plan for Fort Monmouth, and FMERA’s land use regulations and design and development guidelines, which serve as the zoning ordinance for the Fort.
“The Reuse Plan always anticipated that this property would be the centerpiece of the Fort’s redevelopment in Eatontown,” said FMERA Executive Director Bruce Steadman. “All bidders will be required to meet the 302 residential units, 20 percent of which must be affordable. In consideration of the pandemic and recent market shifts, FMERA revised the original RFOTP to be more flexible on the mix of commercial uses permitted in the original offering.”
According to Steadman, FMERA still strives to redevelop this parcel as a neighborhood village style center with public amenities that encourage walking, connectivity, and gathering spaces. FMERA originally solicited redevelopment of the property in 2013 and 2015 as a town center development. After the two leading scorers opted to terminate negotiations for the project, FMERA reevaluated the proposed development program and adjusted the thresholds for each individual asset class. The current RFOTP reflects these adjustments, providing for a more flexible approach to the mix of uses, while still adhering to the tenets of the Reuse Plan, including the residential component.
The project boasts great frontage and has easy accessibility to the Garden State Parkway and NJ Transit.
“This site is extremely well positioned to build on the momentum that has occurred to date on the Main Post,” said FMERA Marketing & Development Manager Sarah Giberson.
Giberson noted that this momentum includes recently-completed residential projects by RPM Development (East Gate, Liberty Walk), the on-going development of a new New Jersey City University campus, and a range of projects in the development pipeline including The Loft, a renovation of the former Dance Hall; The Baseline, 26 acres under development by OPort Partners (Denholtz Properties); and The Alley at the Fort, the former Fort Monmouth Bowling Center.
According to Borough of Eatontown Mayor Anthony Talerico, Jr., “This is a rare and exciting development opportunity in Monmouth County. The scale of the project will elevate the redevelopment effort and offer a mix of uses that will enhance the overall quality of life.”
To access more business news, visit NJB News Now.Related Articles: