Fort Monmouth

And the preliminary plan unveiled in recent days by the Fort Monmouth Economic Revitalization Planning Authority (FMERPA) carries a hefty price tag, $1 billion, not counting the cost of buying the land from the US Army. In general terms, it involves 1.5 million sf of office space, developed through a combination of new construction and redevelopment/conversion of existing fort buildings. Also part of the plan is 200,000 sf of retail space, 1,500 new homes, two hotels, a new VA healthcare facility and 450 acres of parks and open space.

A key target for the office component will be tech-related jobs -- the 90-year-old Fort Monmouth's mission has been Army communications, intelligence gathering and research. For that, redevelopment officials are looking specifically at the fort's Myer Center in Tinton Falls and the McAfee Center in Oceanport, used by the Army's electronic warfare directorate, as magnets.

Besides Tinton Falls and Oceanport, Fort Monmouth also sprawls across Eatontown, where its main gate lies. The general plan calls for all three towns to foot the bill for maintenance and emergency services of the redeveloped installation. And they would also share the wealth through a revenue-sharing plan to be developed.