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Fort Monmouth's Howard Commons Sold to Developer

Demolition of the old buildings will likely take place in the next few months.

By Christopher Sheldon

The final step in the sale of Howard Commons to developer HovWest has been completed by the Fort Monmouth Economic Revitalization Authority (FMERA) board.

The board passed a resolution during its Jan. 15 that approved a purchase and sale agreement and redevelopment agreement with HovWest. This marks the completion of the sale of Eatontown Fort Monmouth property.

The 486 vacant housing units and large general purpose building on the property will be demolished to make way for 275 two- and three-bedroom for-sale townhomes. Twenty percent of the homes will be reserved as affordable housing.

The plan also includes a retail development at the corner of Hope Road and Pinebrook Road and 20.4 acres of open space and public recreation amenities. 

FMERA Executive Director Bruce Steadman said once the sale is closed, the site plan will go before the Eatontown Planning Board. Once the board approves the site plan, demolition of the old buildings on the property will begin in 60 days.

Steadman said he believes this will all hapen within the next few months.

"Neither HovWest nor FMERA has any interest in letting the grass grow beneath our feet while this is going on, so we're full speed ahead," Steadman said.

HovWest will pay nearly $7.23 million for the property. If the developer does not complete the project within 7 years of closing, FMERA will have the option of repurchasing the uncompleted portions of the property for the greater of HovWest's initial purchase price plus its improvement costs or its then-current appraised value, the resolution states.

Dominick Palermo January 17, 2014 at 01:50 PM
Bob ------- Agree entirely -------As a member of 1st aid and Fire in Eatontown --I know where most of the calls are from
Dominick Palermo January 17, 2014 at 01:55 PM
Bob --------- I have been told I am a very mean guy -----but I think if you are not a taxpaying resident --ie (homeowner ) you should have to (donate) for your services -------- I am not saying pay what MONOC charges but a 50- 100 dollar donation billed to you isn't a lot -- and would help defray costs to run the squad
carl pinto January 19, 2014 at 03:22 PM
Where does the 7.23 mil go it should go to the tax payers of eatontown to lower there taxes,not hiring more cops........
Dominick Palermo January 20, 2014 at 06:54 PM
Carl----------The 7.23 million goes to the Federal coffers --- so they can give it in foreign aid to countrys that hate us and want to kill us ---------- Don't be silly lololololol
Bob English January 22, 2014 at 12:37 PM
The proceeds from the sale are split between the Army (which is the owner of the property) and FMERA. I'm not positive but I think the split is 50-50. FMERA will reinvest their share in upgrading other sections of the Fort. For instance the utilities, new roads etc.

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