NEW JERSEY—The Board of the Fort Monmouth Economic Revitalization Authority (FMERA) has approved Cushman & Wakefield/Continental Realty as the primary broker of the former Fort Monmouth property.
Totaling more than 1,100 acres and spanning the municipalities of Eatontown, Oceanport and Tinton Falls, Fort Monmouth served as the center forof communications, computers, intelligence and reconnaissance for the U.S. Army for more than 90 years.
The master broker will advance an effort consistent with the shared goals and interests of FMERA and the U.S. Army, and in alignment with the redevelopment goals and objectives established by the Reuse and Redevelopment Plan.
The Board also approved interim guidelines for the review of redevelopment plans, the Authority’s mandatory conceptual review and the consent to Tinton Falls’ adoption of a redevelopment plan for Parcel E.
These actions come on the heels of the Memorandum of Agreement (MOA). The MOA is the overarching accord between the Army and FMERA that lays out the process by which the property will be transferred to FMERA. The MOA sets a two-phased process for the property transfer. Phase 1 consists of Charles Wood, and three parcels from the Main Post, to be transferred to FMERA by February 1, 2013. Phase 1 parcels include the Golf Course, Howard Commons, Marina, Clinic parcel, Parcel E, Parcel F, Parcel C, Parcel C1 and Parcel B, totaling just over 600 acres. Phase 2 would include the balance of the Main Post, which will be transferred to FMERA at a to-be-determined time.
FMERA is working to attract investors, developers and employers to the property. This includes continuing negotiations with AcuteCare, a company that would create 200 new jobs and invest an estimated $15 million to renovate a facility on the 16-acre former Clinic Parcel in Oceanport.
The Board also approved a purchase-sale agreement with CommVault, a leadingmanagement software company, that would construct a new, 650,000-sq.-ft. headquarters on Parcel E in Tinton Falls that could house up to 2,500 employees at full build out.