EATONTOWN: The Fort Monmouth Economic Revitalization Authority (FMERA) has reached a purchase and sale and redevelopment agreement (PSARA) with a developer who is looking to make a $130 million investment in the property.
The PSARA with Fort Monmouth Parcel B Redevelopment, LLC was unanimously approved during the the Feb. 15 FMERA Board meeting.
The LLC is an affiliate of Paramount Realty Services and LMS Commercial Realty which will redevelop Parcel B into "Freedom Pointe," a walkable lifestyle town center, including approximately 350,000 square feet of retail space and 302 residential units. The parcel fronts Route 35 near the main gate and currently contains 89 acres with 13 buildings that will be demolished to make way for the future development
Eatontown Mayor Dennis Connelly said he is thrilled with the agreement.
"I'd like to thank the FMERA Board..we've come a long way," Connelly said. "Our goal has been to get the project possible for Fort Monmouth and I think we've achieved that."
Another goal of Eatontown was for all of the 302 units to be for-sale and not rentals. According to the PSARA, 241 of the units will be market-rate,owner occupied townhomes and 61 affordable condominium or rental flats will satisfy the project's minimum 20 percent affordable housing requirement. The developer has agreed to develop the affordable housing as condominiums as long as they receive a payment in lieu of tax agreement and a subsidy from Eatontown's affordable housing trust fund.
Paramount Realty Services and LMS Commercial Real Estate Vice President Lee Zekaria has said two-thirds of the property will be retail and the other third will be residential with 302 townhomes that will be built by Paramount's partner, Ryan Homes.
He said Freedom Pointe will not be a "traditional shopping center" and that it will be an experience for customers. He said there are already commercial tenants on board for the property, but would not specifically say which stores will be there.
The site plan will also include an ice skating rink, open lawn areas for shows, concerts, exercise classes, seasonal community and holiday events including a Christmas tree lighting. Jogging and bike trails, a high-end playground, a spray park for kids, miniature golf, pop jets, bocce, street performers, and movie nights will be held in the summer. The concept also includes public space with a park with smaller pocket parks.
Paramount will begin demolishing the old structures on the poetry within three months of closing and must complete demolition within 18 months.
Zekaria has said construction of the project should begin by the end of 2017 with work ending in the spring of 2019.