The Fort Monmouth Economic Revitalization Authority approved on Dec. 21 the economic development conveyance (EDC) agreement it had negotiated with the Army, paving the way for much of the New Jersey installation’s 1,126 acres to pass into private hands over the next 18 months.
Under the agreement, the authority will hand over 50 percent of the proceeds from the sale or lease of property to the Army, reported the Atlanticville. The LRA will be required to reinvest its portion into the property for seven years, covering needs such as demolition, building improvements, and utility and road construction.
The Army agreed to accept only half the proceeds due to the site’s aging utility and road infrastructure, and obsolete buildings. The authority’s business plan estimates redevelopment of the property will require $100 million over 20 years.
The agreement calls for the Army to turn over the property in two phases, with the transfer of the first 563 acres to be completed by February. In total, the redevelopment project could include up to 563 residential units and 1.7 million square feet of office and retail space.