By Laura D.C. Kolnoski
FORT MONMOUTH – In late May, 40 business professionals – members of Commercial Real Estate Women of New Jersey (CREW NJ) – boarded two buses and embarked on a comprehensive tour of Fort Monmouth to see what has already been redeveloped and what properties will soon come to market.
The tour was sponsored and led by the Fort Monmouth Economic Revitalization Authority (FMERA), the agency charged with overseeing the fort’s redevelopment. Two FMERA officials hosted each bus. Participants, some who toured the fort previously, included one CREW member who recently moved to the former Army base’s first residential development, East Gate, opened last year in renovated Officers Housing.
The event was organized by Catherine Timko, CEO of the Riddle Company, FMERA’s outside marketing firm, who was a founding member of the national CREW organization in Miami.
“We can translate more intimate details during a tour,” she said. “It maximizes our abilities and the knowledge of the FMERA team. We focused on properties that will be up for bid next, including the McAfee Center and Expo Theater. It is our hope they will go back to their offices and look for clients who might be interested. They know what their clients are capable of.” Some in the group, she said, were Monmouth County residents. Hosting the tour were David Nuse, FMERA director of real estate development, Sarah Giberson, senior marketing and development officer, and Kara Kopach, real estate development manager.
“This was a great opportunity to highlight the development’s progress and property transformation,” Nuse said. “With several properties in the queue for the request for offers to purchase process, tours serve as an ideal opportunity to familiarize interested parties with each site, and to envision their potential project against the backdrop of the surrounding developments.”
Added Giberson, “CREW members come from a broad array of professions such as engineering firms, title companies, law firms and brokerage companies. Most attendees are heavily connected to the real estate development community and have a vested interest in the redevelopment of Fort Monmouth.”
CREW NJ spokesperson Courtney Rosenkrantz, senior sales associate for Newmark Associates CRE, a woman-owned commercial real estate firm, said she was impressed and surprised by both the size of the fort, which spans portions of Eatontown, Oceanport and Tinton Falls, and the recently completed townhomes and rental properties in the Oceanport section.
“Knowledge is key when you are in the real estate industry; you can never have enough,” Rosenkrantz said. “The team on Fort Monmouth has a vast amount of information and an idea of the highest and best uses for different parts. If I have a client looking for a redevelopment opportunity who sees the benefit of being in the geographic area, and can see the vision of what the fort will become, Fort Monmouth is a great opportunity. I can’t wait to return to see how the community has grown as a whole.”
“Feedback from the group was extremely positive,” said Giberson, adding that interest in future opportunities for undeveloped parcels was high. “We exchanged information with tour participants and have received several follow-up emails requesting more information.”
Elke Merz, representing Steelcase, a company that produces office furniture, architectural and technology products, moved to East Gate from Red Bank in January. She was particularly interested in seeing areas of the 1,126-acre fort she previously had not.
“I was surprised at the sheer size of the property,” she said. “I specialize in modular construction, so it would be great to be able to help shape a better way of building out corporate spaces. Being a member of CREW NJ, my work and my personal goals are in line with FMERA’s vision for this community.” Merz said she wasn’t in the market for a new home when she “stumbled on an open house” while driving through the fort.
“We were happy to hear that the officer homes were not being demolished and learned they were on the historic register,” she said. “We signed the contract the day we toured the models. It felt like a once in a lifetime opportunity to purchase something with this kind of history and to be at the forefront of such an exciting time of change. In hindsight it feels like this was all meant to be. The location is convenient, it is serene and quiet and there is a lot of nature and wildlife around. The idea that this will be a walking ‘city’ and we’ll be able to walk to the gym, restaurants, recreation and shopping are possibilities we are looking forward to.”
“FMERA welcomes the opportunity to meet with all stakeholders including professional groups and the local community to showcase our progress as well as advertise our upcoming development opportunities,” said FMERA’s Kopach. “We hope to continue to engage with CREW and would welcome the opportunity to work with their highly qualified members.”
Afterward, tour participants and FMERA officials enjoyed a cocktail party at the Marina at Oceanport, the fort’s former marina, which is now a restaurant and boating facility.
