Real Estate

Fort Monmouth Economic Revitalization Authority Receives National Economic Development Award

Oceanport-based Fort Monmouth Economic Revitalization Authority (FMERA) has received a Gold Excellence in Economic Development Award for its Fort Monmouth Redevelopment Strategy from the International Economic Development Council (IEDC).

The award recognizes FMERA’s multi-year effort to redevelop Fort Monmouth and the diversity and level of economic investment achieved to date, as well as investment that is planned and in the pipeline. The award was presented during the IEDC Annual Conference, held in Atlanta from Sept. 29 to Oct. 2.

“It is a great honor to accept this award from our peers,” said David E. Nuse, FMERA deputy executive director and director of Real Estate Development. “The redevelopment achieved to date is the result of a very strong team and exceptional partnerships with the communities where the Fort is located, all working together to achieve the goals established for reinvestment.”

FMERA is an independent state authority established in 2011 to oversee the redevelopment of Fort Monmouth and implementation of its Reuse Plan. The Fort is unique in that it is located in three different municipalities. The Fort Monmouth Reuse and Redevelopment Plan outlines specific reinvestment that aligns with each community’s economic development goals. The redevelopment of Fort Monmouth is a multi-year reinvestment and repurposing of a former military installation, which served as the US leader in satellite and telecom technology.

The redevelopment of Fort Monmouth began with the closure of the Fort in 2011 under the Base Realignment and Closure Act (BRAC). Achievements to date include over $30 million in executed transactions and another $79 million under contract or in negotiations, 1.2 million square feet of space reactivated by and 1,431 new jobs, primarily in technology, by year end.  The first new residential project, the renovation of the historic Officer Housing quarters, came on line in May with a mix of for sale and rental units. Other projects in the pipeline include a brewery, artist live work spaces, and a more than 75,000-square-foot health campus by RWJBarnabas Health.

“This year our judges reviewed some extraordinary projects that advanced both communities and businesses. We congratulate all the award winners and thank everyone who nominated their projects for sharing their success with fellow IEDC members. What we learn from each other helps us to grow and advance as a profession. We look forward to even greater participation from economic developers across the globe in the 2019 awards program,” said Craig Richard, CEcD, FM, president and CEO, Tampa Hillsborough Economic Development Corporation located in Tampa, and 2018 IEDC Board Chair.

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