By Laura D.C. Kolnoski
FORT MONMOUTH – More parcels will be offered, construction will commence and new ratables can be expected throughout Fort Monmouth’s 1,127 acres during 2019. That was the message at the year’s first meeting of the Fort Monmouth Economic Revitalization Authority (FMERA) Jan. 16.
“Seventy-four percent of former fort parcels are now sold, under contract, in negotiations, or entering the Request for Proposals process,” said Dave Nuse, FMERA deputy executive director and director of real estate development. Work on the 100-year-old fort’s infrastructure is ongoing.
“Approximately 50 percent of the Army’s overall utilities are being replaced with new, which is a big milestone for us,” said Bruce Steadman, FMERA executive director. “We have a budget to eliminate and replace all old utilities.” Steadman said the primary goal “is to replace the 8,000 jobs lost when the Army left. Our goal is 10,000 jobs. It will take several more years to bring back all the tax ratables. We project $1 billion in tax ratables for the three towns within five to eight years.” The former U.S. Army base spans portions of Eatontown, Oceanport and Tinton Falls.
Figures released to The Two River Times Jan. 22 regarding tax revenue for Oceanport Borough are based on actual tax dollars collected in 2017 and 2018, as well as the anticipated revenue based on the assessed values per Monmouth County’s tax assessment and Oceanport’s tax rate, according to Sarah Giberson, FMERA senior marketing and development officer. In 2017 the borough collected $226,956; in 2018 $274,687. The 2019 projected tax revenue is $832,890. Anticipated total taxes for 2019 through 2029 are $23.3 million.
“As more projects come online and residential parcels are further subdivided, revenue will continue to grow,” Giberson said. “These values only account for projects that are completed or under contract, so it is expected that these numbers will change as development continues.”
OCEANPORT
The following properties are currently in negotiations for sale and redevelopment with the top-rated bidders. FMERA is prohibited from revealing specifics on bids and bidders until negotiations result in a formal agreement.
Barker Circle. The 19.5-acre site in the historic district includes the Main Post Firehouse and Kaplan Hall.
The Commissary. The fort’s 53,700-square-foot former Army supermarket and Post Exchange complex.
Nurses Quarters.A 24-unit residential complex adjacent to the former Patterson Hospital.
ITALPost Office Area. Five buildings constructed between 1941 and 1971.
Warehouse District. Five general purpose administration buildings and two warehouse structures.
“1000 Area” Parking Parcel. Parties bidding on the Commissary, PX, and/or Warehouse District had the option to bid on this five-acre lot that will provide off-street parking.
Early this year, FMERA plans to issue Requests for Offers to Purchase for the McAfee Center, a 90,000-square-foot research and development building on 47 acres that drew significant attention during an open house for potential buyers last year, and what’s known as the “400 Area,” an 80-acre site along Oceanport Avenue zoned for housing and commercial use. Due to its proximity to the Little Silver train station, officials anticipate a transit village occupying that site.
EATONTOWN
FMERA is in negotiations for the sale and redevelopment of two high-profile properties along the Avenue of Memories (Route 537) in Eatontown:
The Expo Theater.The 18,883-square-foot entertainment facility built in 1968 was used by the Army for live performances and films. Dan Field is adjacent and included in the parcel.
The Bowling Center. A family-owned bowling firm from North Jersey began the purchase process with FMERA in 2017, but the deal was never finalized. The 17,500-square-foot facility on 2.8 acres has 20 lanes. “The Bowling Center is staying and probably will be expanded,” Steadman revealed Jan. 16.
Also expected to be offered in Eatontown this year on the Avenue of Memories are Vail Hall, slated for office and/or commercial use, and Mallette Hall, a 57,000-square-foot office building across from Vail Hall intended for reuse or replacement.
TINTON FALLS
Requests for Offers to Purchase will be issued in 2019 for:
Pulse Power Building. A facility consisting of 15,690 square feet of administrative offices and 10,786 square feet of lab and testing space.
Fort Monmouth’s former Pulse Power Building in Tinton Falls will be offered for sale this year. Photo courtesy FMERA
Building 2719.Includes 6,574 square feet of administrative space and a 2,448 high-bay garage constructed in 2006.
Interested parties can sign up to receive notices of newly available properties at fortmonmouthnj.com.
