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Real Estate

Fort Monmouth Parcel to Become Medical Campus

The Fort Monmouth Economic Revitalization Authority (FMERA) has announced the sale of Parcel F-1, the former Myer Center site in Tinton Falls, to Monmouth Medical Center, Inc. (MMC), an affiliate of Robert Wood Johnson Barnabas Health (RWJBH).

Following limited interest in the Myer Center due to the age, size and construction of the building, the New Jersey Economic Development Authority (NJEDA) in 2017 agreed to acquire the former Myer Center parcel from FMERA to fund the abatement and demolition of the massive Cold War-era facility, recognizing the increased marketability and redevelopment potential of a vacant parcel.

Acknowledging this new opportunity, RWJBH made an unsolicited offer to NJEDA to purchase the approximately 36-acre site. Subsequently, NJEDA, FMERA, and RWJBH entered into a tri-party agreement, assigning FMERA as the designated redeveloper of the property. RWJBH and FMERA entered into a Redevelopment Agreement on October 25, 2021, which was later assigned to MMC in 2022. The project is slated to be redeveloped in two phases.

MMC intends to develop a full-scale health care campus, with Phase 1 including an approximately 138,000- square-foot Cancer Center and Ambulatory Care Pavilion, offering oncology services, imaging, radiation, an ambulatory surgery center, parking, and interphase grading and landscaping. Pending all necessary approvals, construction should begin in 2023.

Phase 2 of the Project presents optionality for the project at MMC’s discretion, contingent upon market demand and the needs of the surrounding community, and may include hospital services, clinical and support facilities, and a medical office, along with walking trails and publicly accessible open space.

“This state-of-the-art project will provide expanded access to exceptional care and offer important health education and wellness services for the entire community,” said FMERA Executive Director Kara Kopach. “MMC’s decision to offer world-class cancer care in Tinton Falls is game changing. Not only will residents benefit from convenient access to critical services, healthcare providers and their support professionals will also reap the benefits of increased job opportunities in the region.”

MMC will create over 300 jobs with the completion of Phase1 and may create a total of 1,000 jobs following the completion of Phase 2. The minimum capital investment for the project is $153.5 million but may exceed $650 million upon completion of both phases.

The 36-acre parcel, known as Parcel F-1, is conveniently situated near the Garden State Parkway. The site was home to the 750,000-square-foot Myer Center and the Night Vision Lab. The Myer Center, former home of the Army’s Electronics Command, was also known as the Hexagon, because of its unique design that paid homage to the Pentagon.

The redevelopment of Fort Monmouth is a multi-year reinvestment and repurposing of a former military installation that served as the US leader in satellite and telecom technology. The primary goal of the Fort Monmouth Reuse and Redevelopment Plan (the “Reuse Plan”) is to repurpose and return the Fort to a vibrant environment, create jobs, and catalyze economic growth in each of the three host municipalities (Tinton Falls, Eatontown, and Oceanport) and the region. The Reuse Plan strives to balance development with the protection and enhancement of natural resources, while also creating an ecosystem complete with business, culture, and 21st-century living.

The Fort had five million square feet of building area, 70 percent of which is targeted for demolition. FMERA continues to make good progress on the Fort’s redevelopment, with about 86 percent of the Fort’s 1,126 acres sold, under contract, in negotiations, or entering the request for proposals process. To date, FMERA has sold 34 parcels, and another four parcels are under contract or have board-approved contracts.

FMERA is an independent State authority established to oversee the redevelopment of the site and the implementation of the Fort’s Reuse Plan, which envisions specific reinvestment that aligns with each community’s economic development goals.

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