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EATONTOWN, NJ-The $1-billion plan to redevelop the 1,100-acre Fort Monmouth site has taken another step forward with submission to federal agencies, just beating this week’s deadline. That plan on the disposition of the facility after its operations are moved to Aberdeen, MD in 2011 had picked up a key approval last week when the Fort Monmouth Economic Revitalization Planning Authority, a state-appointed body, signed off on it after several months of public hearings.

The FMERPA-approved plan is now in the hands of the US Department of Defense, as well as the Department of Housing and Urban Development, according to Frank Cosentino, the long-time real estate development exec who heads the authority. Prior to its submission to the feds, the plan had received the blessing of Gov. Jon Corzine.

“If we are to determine our own destiny regarding the use of…Fort Monmouth…it is necessary for us to submit, in a timely manner, a comprehensive reuse plan,” says Corzine, in a statement. “This plan includes a thoughtful and comprehensive approach to reuse this facility….”

As previously reported, the plan calls for mixed uses including two hotels, offices, a medical center, retail and upwards of 1,500 residences here and in the adjacent communities Oceanport and Tinton Falls. Build-out would take an estimated 20 years. Timeline for the feds’ consideration of the plan is currently set at 60 days, although officials say they expect that to be extended.

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