EATONTOWN: After several years of trying to find a buyer, the Fort Monmouth Economic Revitalization Authority (FMERA) appears ready to sell Howard Commons.
Eatontown Mayor Dennis Connelly reported at the April 12 Eatontown Council meeting that the FMERA real estate committee will recommend that the board adopt a purchase and sale agreement for Howard Commons to American Properties. American Properties is a real estate broker based out of Iselin.
The agreement is for up to 250 newly-constructed single family homes with a 20 percent affordable housing obligation.
"The plan did call for a commercial component at the corner of Pinebrook Road and Hope Road but due to environmental concerns and lot sizes, it's believed that the developer is going to opt out of that and use the space for residential," Connelly said.
The 52 buildings on the site will be demolished to make way for the new construction.
FMERA's first attempt to sell the properties to Hovnanian fell through after the developer said that the high water table in the area did not allow them to build basements in the units.
In 2015, FMERA put the 63.97-acre parcel of land on the open market a second time, and after nearly two years, it appears to have finally reached an agreement with the new developer.
Connelly said the purchase and sale agreement will likely be voted on at FMERA's next meeting on Wednesday, April 19.