EATONTOWN, NJ–Bidding is open through Jan. 28 for proposals on the first planned residential site at Fort Monmouth, the decommissioned U.S. Army installation that sprawls across three towns close to the shoreline in Monmouth County.
Cushman & Wakefield, exclusive leasing agent for the redevelopment authority for the site, is marketing the 64-acre residential parcel, known as Howard Commons.
The property sits along Pine Brook Road in Tinton Falls, a half mile from Exit 105 of the Garden State Parkway and six miles from the shoreline. The proposed development is to include 275 residential units and an additional 15,000 square feet of neighborhood retail.
“Contract sales through the end of October in Monmouth and Ocean counties rose by 24 over the same period in 2011, and the occupancy rate for multifamily rental in eastern Monmouth County averages 97%, making it a strong target market for investors,” noted C&W’s Gualberto “Gil” Medina, who heads the Fort Monmouth project team.
Other C&W brokers marketing the property include Les Smith, Christopher Kinum, Kevin Carton, David Bernhaut, and Grace Braverman.
The Howard Commons site is zoned for medium-density housing, which allows development of garden apartments, townhomes and stacked flats. The borough of Eatontown’s officials have expressed a preference for townhomes on the site, according to Medina.
The Fort Monmouth Economic Redevelopment Authority’s executive director Bruce Steadman said in a release that marketing the property right now is part of a commitment to provide more housing in an area that was hard hit by Hurricane Sandy.
Property at Fort Monmouth is to be offered as multiple parcels in two phases. The entire, 1,127 acre-complex – which spans Eatontown, Tinton Falls and Oceanport – is under the redevelopment authority’s control.
“We are encouraged by the strong interest we are seeing in the former fort’s many development opportunities – including multifamily, retail, commercial and hospitality – which will come online in 2013 and 2014,” Steadman said in a release.
Last year, CommVault Systems, a data and information management software company, said it plans to build a 650,000-square-foot headquarters on a 55-acre parcel. Two additional Tinton Falls sites will be offered during the first quarter of 2013. They include 39 acres proposed for the development of 239 multi-family units and 80,000 square feet of retail/commercial space; and 12 acres proposed for 49 multi-family units. Both properties are located adjacent to the Garden State Parkway.
Fort Monmouth, decommissioned in 2011, once employed 5,000 service people and civilians, and as many as 20,000 people worked or lived there.