TINTON FALLS: While most of the Fort Monmouth property in the borough has either been developed or will be in the near future, there has been one area that has been an unknown; the Myer Center.
However, with the action take by the Fort Monmouth Economic Revitalization Authority (FMERA) on Sept. 20, the future of the one of the former fort's largest buildings has been decided. FMERA entered into a purchase and sale agreement with the New Jersey Economic Development Authority (EDA) with respect to Parcel F-1 which contains the Myer Center and three other buildings on a 36-acre piece of property. The Myer Center is a 673,000-square-foot Cold War-era research center and is the largest of the buildings on the property.The parcel is located at Pearl Harbor Avenue and Corregidor Road in the Tinton Falls section of the former fort.
After receiving little to no interest from developers for the property, FMERA made the decision to have the building demolished to make it more attractive to potential bidders in the future. FMERA received no offers to the request for offers to purchase (RFOTP) it issued for the property in December, 2014.
"FMERA staff has encountered limited interest in the reuse of the existing buildings due to their size and age, which are a significant impediment to redevelopment, due to their poor condition and the scale of the required demolition," a resolution passed by FMERA at its July 20, 2016 meeting states.
The purchase and sale agreement states that the EDA will fund and manage asbestos and lead-based paint abatement and demolition of the 750,000 square feet of buildings on the property in return for title to the parcel.
The EDA solicited bids for the demolition of the buildings and entered into an agreement with Tricon Enterprises on Sept. 14 to do the work.
Following the demolition and site cleanup, FMERA will execute a mortgage on the property in the amount of the EDA's $7.3 million budget, and EDA will release the mortgage proportionately upon sale to each redeveloper.
The Fort Monmouth Reuse Plan calls for the 38-acre space to be redeveloped for a commercial use such as sports, entertainment or hospitality. No residential or retail-based development is allowed at the site.