EATONTOWN: The Fort Monmouth Economic Revitalization Authority (FMERA) has reached a purchase and sale and redevelopment agreement with a developer who will build homes and possibly retail at the area of former fort known as Howard Commons.
The agreement, which was unanimously passed by the FMERA Board during its April 19 meeting states that the developer, American Properties, will demolish the 52 derelict buildings on the site to make way for up to 200 owner-occupied single family detached residential units. The agreement calls an additional 51 units that will be affordable housing units which will be for sale or for rent, at American Properties' option.
American Properties is a diversified real estate and development company based out of Woodbridge which has developed over 1,200 homes as well as mixed use development and redevelopment projects in the state.
The company will be paying $5.9 million for the 63-acre property located on Pinebrook Road in the Fort Charles Wood Area of the fort in Eatontown.
At its discretion, the group may elect not to build the 15,000-square-foot retail component of the project at the corner of Pinebrook and Hope Road and can devote that portion of the site to housing or open space. The project will also feature walking trails, landscaping, improved streetscapes and connectivity to Eatotnown's adjacent sports fields.
The agreement states that if American Properties is unable to build a total of 200 single-family homes for reasons "beyond American Properties control" such as wetlands in the area, the purchase price will be reduced by $45,000 per unit for the first five units that cannot be built and $60,000 per unit for the next five units for an amount not to exceed $525,000.
The buildings on site will be demolished within 60 days of closing and the construction of the project will proceed in phases and be completed in phases within 60 months after the completion of all demolition and site work.
Eatontown Mayor Dennis Connelly said he is pleased that the property will be cleaned up and developed for future borough families.
"We are looking forward to seeing this project move forward," Connelly said.