EATONTOWN: A developer is in negotiations with the Fort Monmouth Economic Revitalization Authority (FMERA) to bring a large retail/residential project to the borough's section of the former fort.
FMERA voted unanimously to enter into exclusive negotiations with Fort Monmouth Parcel B Redevelopment, LLC, during its Feb. 17 board meeting.
The developer, which is a subsidiary of Paramount Realty Services, Inc, and LMS Commercial Real Estate, are looking to build 302 residential units, 350,000 square feet of retail and over 40,000 square feet of office space at Parcel B in Main Post section of Fort Monmouth. This parcel fronts Route 35 near the main gate and currently contains 13 buildings which will be demolished to make way for future development.
The project, called the Promenade At Fort Monmouth, also envisions trails, well-lit paths and walkways with benches, fountains, pavers, statues, sculpture gardens and an open space community area for events.
The project would be Eatontown's first redevelopment project at the fort, and by far, it's largest.
"We are excited to see something finally moving forward in the borough of Eatontown," Eatontown Mayor Dennis Connelly said.
Paramount Realty Services is a real estate development organization which manages and leases about 10 million square feet across the country, including 23 communities in the state. According to FMERA, Paramount had net earnings of $90 million and gross revenues of $130 million. The company would subcontract with NVR/Ryan Homes to complete the residential component of the development.
FMERA received proposals from four other developers for Parcel B, Eagle Realty and HovWest, Basser Kaufman and American Properties, Lennar and U.S. Home Corporation and National Realty. Paramount received the highest score and submitted the highest price proposal, accruing to FMERA.
During the exclusive negotiations period, the developer and FMERA will work toward and purchase and sale agreement that will have to be adopted by the board at a future meeting. Once the agreement is reached, Paramount will have to perform due diligence and receive the necessary approvals as well as approval from the Eatontown Planning Board before any construction can begin.