“Vibrant Family Environment” One Step Closer as FMERA Board Approves Entrance into Exclusive Negotiations for Parcel B in Eatontown

Furthering its vision to bring a vibrant, walkable, live-work-play environment to the Fort, the Fort Monmouth Economic Revitalization Authority (FMERA) Board authorized FMERA staff this month to enter into exclusive negotiations with Fort Monmouth Parcel B Redevelopment, LLC for the 89 acre Parcel B site in Eatontown.

Parcel B in Eatontown, looking northwest towards Route 35

In issuing a Request for Offers to Purchase in February 2015 for Parcel B, FMERA sought proposals that met the Fort Monmouth Reuse and Redevelopment Plan’s (Reuse Plan) objective of creating a lifestyle town center, with the goal of establishing an exciting and attractive gateway to the Fort from Route 35.

Fort Monmouth Parcel B Redevelopment, LLC’s redevelopment proposal calls for a total of 302 residential units, 20 percent of which will be affordable to low- and moderate-income households. In addition, the project is proposed to include approximately 350,000 square feet of retail space, and an additional approximately 40,000 square feet of office space. The developer’s conceptual site plans for Parcel B emphasize connectivity through the site to the adjacent roads, while promoting pedestrian activity within the development to link the residential section with retail and commercial uses. This includes trails, well-lit paths and walkways with benches, fountains, paving stones, statues, and sculpture gardens to create a green network throughout the community. The proposal also calls for an open space area for planned community events.

The Eatontown lifestyle town center rendering, as envisioned in the Fort Monmouth Reuse Plan

“Entering into exclusive negotiations is the first step in the redevelopment of Parcel B into an exciting town center,” FMERA Deputy Director Dave Nuse noted. “This proposed development echoes the Reuse Plan’s goal of creating a vibrant walkable environment and we look forward to the project coming to fruition.”

Fort Monmouth Parcel B Redevelopment, LLC is a newly formed company owned by Paramount at Fort Monmouth, LP, owners of Paramount Realty Services, Inc., of Lakewood and LMS Commercial Real Estate, of Lancaster, PA.

The Parcel B site includes 34 acres of land that FMERA is set to acquire from the Army this year through a Phase 2 Economic Development Conveyance Agreement. FMERA continues to work aggressively to complete negotiations on the Phase 2 EDC Agreement with the Army and receive a deed to the property.

Note: FMERA Board action is subject to a ten (10) day veto period by the Governor.