By Laura D.C. Kolnoski
OCEANPORT – Two local residents poised to transform a prime 12-acre portion of the former Fort Monmouth are actively seeking tenants for their waterfront mixed-use development on Parker’s Creek.
As of May 20, businessmen Michael Abboud and Chris Ilvento of Fort Monmouth Business Center, LLC (FMBC), an assignee of TetherView Property Management, own the Allison Hall complex of six buildings in the fort’s historic district off Oceanport Avenue. The firm paid the Fort Monmouth Economic Revitalization Authority (FMERA), $2.3 million for the parcel and intends to invest approximately $25 million into its renovation and redevelopment. Plans for the total 139,000 square feet of rental space include a waterfront restaurant, retail, offices and a portion of a 12-foot-wide public waterfront promenade that will eventually connect several fort properties.
The centerpiece is Allison Hall, listed on the National Register of Historic Places. The 33,141-square-foot brick administration building on Signal Avenue has three floors and an elevator. A wide array of potential uses includes medical offices, specialty grocery, warehouse, adult daycare, instructional space, sports/recreation and entertainment venues like a coffee house, bar, craft and alcoholic beverage production and drive-thru restaurant. In addition to the two-story building that will house the waterfront restaurant, other buildings on the property are a mixed-use one-story building, a mixed-use three-story building, two flex buildings, and a 27,269-square-foot retail center with a drive-thru and covered walkway. The waterfront restaurant will have a liquor license. A boutique hotel is also allowed on the property.
The site was first offered for sale in December 2016. A Purchase and Sale Agreement between FMERA and FMBC was initiated in 2018. According to the Riverwalk Center website (riverwalkcenter.com), initial occupancy is anticipated fourth quarter 2022. Contractually, FMBC can begin preliminary site work within 45 days of the closing.
The redevelopment will also serve the nearby residents of East Gate, the first residential development on the fort, created from 100-year-old Officers Housing. More residential projects are slated for adjacent parcels.
“With over 500 occupied homes on Fort Monmouth, we’re excited to see the development of a multiuse project that will provide our growing community access to shopping, services, and job opportunities,” said FMERA executive director Kara Kopach. “FMBC’s vision for the site highlights beautiful elements of our historic district while incorporating modern design elements.” Marketing language notes the location’s proximity to NJ Transit, beaches, the Garden State Parkway and Newark Airport.
Michael Abboud was among the first investors to purchase a Fort Monmouth property, acquiring Russel Hall inside the Oceanport Avenue entrance on the Parade Grounds, also in the fort’s historic district, in 2017. He renovated the 43,000-squarefoot building which now serves as headquarters for his company TetherView, a private cloud services provider. The building also leases space to tenants. Ilvento, CEO of Ilvento Builders and Developers, has prior restaurant experience.
“Chris and I are excited to lead the development of the new Riverwalk Center and contribute to the Fort Monmouth and Oceanport community,” said Abboud. “Our plan is to create a space for local business owners to serve the communities they live in. As residents and business owners in Oceanport, we are committed to building a vibrant local community.”
“We are currently seeking hotel operators, restaurateurs, and business owners to develop a lifestyle center where families come to relax, eat, exercise, work and play,” Ilvento added.
FMERA Ok’s Eatontown Commercial Expansion
Expansions in the size and potential usages of the retail portion of Lennar’s redevelopment of the former Howard Commons townhouses were unanimously approved May 18 by the Fort Monmouth Economic Revitalization Authority. The 59.62-acre property is within the fort’s Charles Wood Area.
In addition to 275 new dwellings, US Home LLC, a wholly owned subsidiary of Lennar Corporation, also planned to construct an approximately 33,800-square-foot retail component fronting on Hope Road.
Lennar’s original plans stipulated retail buildings be limited to two stories of no more than 30 feet, with a maximum lot coverage of no more than 60 percent, and a maximum Floor Area Ratio (FAR) of .20. The increased sizes allow a maximum building square footage of 40,000 fronting on Hope and Pinebrook Roads, buildings no more than 35 feet high, a maximum lot coverage of 75 percent, and a maximum FAR of 0.25.
Lennar requested the increase after prospective commercial tenants “expressed specific minimum square footage requirements,” according to FMERA documents. Potential tenants were not named. After consulting the state Attorney General’s office, FMERA staff determined Lennar is permitted to present alternative development scenarios so long as the use remains predominantly residential and there could be economic justification. Staff recommended approval by FMERA voting members “To support the financial viability of the project.”
“Purchaser is still proposing to build a predominately residential project but is requesting an overall increase in the density of the retail phase,” staff wrote. “Additionally, Purchaser has supplied staff with market data to support this request.”
Lennar entered into a purchase and sale agreement for Howard Commons with FMERA in November 2021 and has been conducting due diligence on the property that once held 486 military townhomes. Those structures, and an additional 3,853 square feet of general purpose buildings, are being demolished. Lennar will pay $1.8 million for the site and is expected to make a capital investment estimated at $66 million. The authority may agree to reduce the purchase price to cover the cost of remediation of any newly discovered environmental issues not to exceed $300,000.
“Eatontown supports this and looks forward to a successful development there,” said Mayor Anthony Talerico, a voting FMERA member. A grocer, restaurant and gas station with a convenience store are among potential commercial uses for the site. As part of the overall project, Lennar is also obligated to improve access to the ball fields near the southeast portion of the property.
The plan amendment has been sent to Eatontown, Oceanport and Tinton Falls for a 45-day review and comment period. According to Sarah Giberson, FMERA senior marketing and real estate development officer, “Once those comments come back, they will be reviewed, and modifications may be made if required. The plan amendment will then come back to the board for final review and approval.”
Steadman Honored
The governing bodies of each of the three towns spanned by Fort Monmouth presented resolutions and proclamations for former FMERA executive director Bruce Steadman, who retired from his post after 11 years, naming May 18 “Bruce Steadman Day.”
In reading Oceanport’s resolution, Mayor Jay Coffey referenced “much trepidation” when the fort was closed by the U.S. Army and redevelopment began.
“I can personally attest to the Herculean efforts of Bruce Steadman, his tenacity and commitment,” Coffey said, adding he credited Steadman with “Oceanport being in a much better place than in 2010.”
“Bruce will be missed,” added Monmouth County Commissioner Lillian G. Burry, the county’s representative on FMERA. “He had a way of getting people to agree on things they may not have been happy with.” Former Tinton Falls Council president Gary Baldwin, an Air Force veteran who frequently represented the township on the FMERA board, called Steadman, “The Great Equalizer” among the Army, the state, the county and the host municipalities. Steadman participated in his last FMERA meeting via teleconference, thanking all stakeholders for their cooperation and support.
Helming her first meeting as the new executive director May 18 was Kara Kopach, an attorney and lifelong Eatontown resident from a military family who has been part of the FMERA executive team since 2015.
This article originally appeared in the June 2 – 8, 2022 print edition of The Two River Times.
