FMERA sells historic Fort Monmouth Barker Circle

0

Entrance to the Johnson Gate in Fort Monmouth.

Former army barracks, fire station and museum planned for mixed-use redevelopment

The Fort Monmouth Economic Revitalization Authority (FMERA) sold Barker Circle to Barker Circle Partnership, LLC (BCP) for nearly $ 5 million. Barker Circle is an approximately 20-acre site that includes seven buildings, four of which served as barracks, as well as Kaplan Hall, the former Army Communications and Electronics Command Museum and Fort’s main barracks. Monmouth. The property is located along the Avenue of Memories and Oceanport Way in Oceanport, in the historic Fort Monmouth National Register district. The sale of the property took place on November 2.

BCP bought the Barker Circle site for $ 4.85 million after being selected as the most qualified proponent for the property. The developer’s plans for Barker Circle include 75 residential units in four barracks buildings, an office building and restaurant, and arts-related uses in the Fire Hall and Kaplan Hall, respectively. All seven buildings will be adaptively reused and are subject to New Jersey State Historic Preservation Covenants. FMERA anticipates that BCP will invest more than $ 22 million in the project, which will result in the creation of 70 construction and / or temporary jobs and 40 permanent jobs.

“Barker Circle is at the eastern entrance to the Oceanport and Eatontown sections of Fort Monmouth. Comprised of 20 acres and some 200,000 square feet of historic buildings, it is a pivotal project for the development of the fort, ”said a spokesperson for the Barker Circle Partnership. “The procuring entity presents its plans to the Ocean Port Planning Board later this month.”

The project is located at the main entrance on the easternmost side of the fort and close to other completed and planned residential projects. It’s also near a mix of commercial and retail uses, including the Marina, Park Loft, and the Fort Athletic Club (former fitness center).

“The redevelopment of Barker Circle will not only provide high-end residential units to a high-demand community, but will also generate essential tax revenue for the Borough of Oceanport,” said Bruce Steadman, Executive Director of FMERA . “It will also activate one of the premium sites that once served as a destination for visitors and those stationed in Fort Monmouth.”

Steadman noted that the level of development underway at the Fort is testament to the continued strength of the market and the optimal location of the property in Monmouth County.

“We are excited about BCP’s redevelopment plans for Barker Circle,” said Sarah Giberson, Director of Marketing and Development, FMERA. “This developer has already made a significant investment in the Fort with The Loft project and we expect to see the same level of considerable attention and ingenuity employed in the redesign of these historic buildings.”

Over the past two years, several residential projects have been completed including East Gate and Liberty Walk by RPM Development in Oceanport; Patriots Square and Anthem Place, by Lennar in Tinton Falls. Residential demand at the fort and surrounding communities remains strong.

Background

The Fort Monmouth redevelopment is a multi-year reinvestment and reallocation of a former military installation that was America’s leader in satellite and telecommunications technology. The primary objective of the Fort Monmouth Reuse and Redevelopment Plan (the “Reuse Plan”) is to reallocate and return the fort to a vibrant environment, create jobs and catalyze economic growth in each of the three municipalities. hosts (Tinton Falls, Eatontown, and Oceanport) and area. The Reuse Plan strives to balance development with the protection and enhancement of natural resources, while creating a complete ecosystem with 21st century business, culture and life.

The fort had five million square feet of construction area, 70 percent of which is intended for demolition. Almost 80 percent of the Fort’s 1,126 acres are sold, under contract, through negotiations or through the request for proposals process. To date, FMERA has sold 30 plots, and a further seven plots are under contract or have contracts approved by the Council.

FMERA is an independent state authority created to oversee the redevelopment of the site and the implementation of the fort reuse plan, which envisions a specific reinvestment that aligns with the economic development objectives of each community.

To access more business news, visit NJB News Now.

Related Articles:


Leave A Reply

Your email address will not be published.