The area of Fort Monmouth that has been advocated as Eatontown's new town center could have a developer by February.
"Of the four proposals that were submitted by developers (to the Fort Monmouth Economic Revitalization Authority), two of which are under consideration and two others deviated from what was proposed," Eatontown Mayor Gerald Tarantolo said during the Jan. 8 Eatontown Council meeting. "So the two that are being evaluated are going through that process currently and hopefully we'll have some resolution on the February time frame."
The area, known as Parcel B, is located in the Main Post area of Fort Monmouth bordering Route 35. The reuse plan for the 55-acre parcel calls for a "lifestyle center" with a total of 302 medium density or mixed-use residential units and up to 150,000 square feet of lifestyle retail use.Tarantolo said a developer could be named at the Feb. 19 FMERA board meeting.
The request for offers to purchase (RFOTP) the property went out in May.
The property currently consists of six commercial buildings and sports bubble. While FMERA will handle the removal of the sports bubble, the developer that ultimately purchases the property will be responsible for demolishing the buildings. A geothermal well field is also located on the parcel.
Eatontown has expressed a desire for non-rentals for the development of the residential component of Parcel B.
The reuse plan also calls for the west gate facade and arches on Route 35 to remain as the property is developed.Tarantolo said Parcel B and Howard Commons, which will likely be sold to a developer next week, will be "significant developments" for Eatontown.
"The areas that are primarily associated with Eatontown will probably become significant developments in the Fort Monmouth area in 2014," Tarantolo said.