The first phase of land transfers at the former Fort Monmouth, N.J., is scheduled to be completed within one year, according to the memorandum of agreement reached between the Army and the Fort Monmouth Economic Revitalization Authority.
The initial phase includes eight parcels, covering the post’s golf course, a residential neighborhood, a marina and hospital property. The rest of the 1,110-acre site would be conveyed afterward.
The next step is for the two parties to sign the memorandum and the economic development conveyance, actions which are expected to occur by the end of March, reports the Asbury Park Press.
Meanwhile, the authority has revised its affordable housing plan, which had been rejected in 2010 by a state court. The property’s reuse plan calls for 20 percent of all housing built to be affordable and for four groups providing homeless assistance to receive property at the site or funding.