The Fort Monmouth Economic Revitalization Authority (FMERA) has sold the Allison Hall Complex to Fort Monmouth Business Center, LLC (FMBC), an assignee of TetherView Property Management. Allison Hall, which is listed on the National Register of Historic places, is a 36,665-square-foot administration building located on Signal Avenue in Oceanport and is part of a complex of five buildings (196, 199, 209, 210 and 359) situated on approximately 12 acres of land. The sale of the property occurred on May 20. FMBC intends to invest approximately $25 million into the redevelopment of the property.
The six-building site, to be known as the Riverwalk Center, is planned as a new, lifestyle mixed-use business center. FMBC plans to renovate historic Allison Hall for office, retail and commercial uses; renovate Building 210’s ground floor as a waterfront restaurant and its second floor as office or retail space; construct new business lofts for office and flex uses; construct a new retail center fronting on Oceanport Avenue; and repurpose Building 199 for commercial uses. FMBC also has the option to demolish Building 199 for the construction of a boutique hotel.
“With over 500 occupied homes on Fort Monmouth, we’re excited to see the development of a multi-use project that will provide our growing community access to shopping, services, and even job opportunities,” said FMERA Executive Director Kara Kopach. “FMBC’s vision for the site highlights some beautiful elements of our historic district, while incorporating modern design elements that will be attractive to businesses looking to relocate to Fort Monmouth.”
The planned redevelopment of the Allison Hall parcel will serve as complement to the East Gate residences, formerly known as Officer’s Housing, by offering a mix of neighborhood amenities and a walkable shopping cluster. TetherView will also construct a 12-foot-wide promenade along Parkers Creek, linking the development to the west with Oceanport Avenue. This walkway is one of several planned multi-purpose trails intended to link the businesses and amenities throughout the Main Post and promote connectivity within the greater Fort Monmouth community. The adjacent Parkers Creek residential development, underway by Somerset and PulteGroup in the former Lodging Area, will also construct a portion of the waterfront walkway.
Michael Abboud, principal of TetherView, acquired historic Russel Hall from FMERA in 2017 and successfully renovated the 43,000-square-foot building as headquarters space for his company TetherView, a private cloud services provider, along with office space for smaller tenants. The Riverwalk Center will be developed by Abboud and his development partner, Chris Ilvento.
“Chris and I are excited to lead the development of the new Riverwalk Center and contribute to the Fort Monmouth and Oceanport community,” said Abboud. “Our plan is to create a space for local business owners to serve the communities they live in. As residents and business owners in Oceanport, we are committed to building a vibrant local community.”
“We are currently seeking hotel operators, restauranteurs, and business owners to develop a lifestyle center where families come to relax, eat, exercise, work, and play,” Ilvento added.
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. Nearly 86 percent of the Fort’s 1,126 acres are sold, under contract, in negotiations, or entering the request for proposals process. To date, FMERA has sold 33 parcels, and another six 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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