The LRA for the former Fort Monmouth expects to obtain the last portion of the New Jersey property from the Army in June, according to the Fort Monmouth Economic Revitalization Authority (FMERA).
The authority had expected to receive the property by the end of 2015, but the transfer was postponed due to “the Army’s slow response to FMERA’s requests regarding future expenses due to the cleanup of any additional environmental problems at the phase II footprint,” Chairman James Gorman told the Asbury Park Press.
The Army earlier conveyed three parcels on the main post and the Charles Wood tract to the authority. The Army receives 50 percent of the revenue from parcels sold under that agreement.
The phase II transfer will be an outright sale of the property to FMERA; a purchase price has not been disclosed. The LRA plans to seek funding for the purchase from the New Jersey Economic Development Authority and Monmouth County Improvement Authority.
Separately, the LRA last week voted to begin exclusive negotiations with a developer proposing to build a mixed-use project in Eatontown’s section of the post. Plans for the Promenade at Fort Monmouth call for 302 residential units, 350,000-square feet of retail and over 40,000 square feet of office space on a 77-acre parcel, reported the Asbury Park Press.
The project includes a main street, trails, plazas, open space, public art, fountains and other creative landscaping. It marks the first redevelopment planned for Eatontown’s portion of the installation property.
FMERA and the developer — a subsidiary of Paramount Realty Services and LMS Commercial Real Estate — are now negotiating a purchase and sale agreement.