State officials are hoping to sell 289 acres at the former site of the Fort Monmouth U.S Army installation for redevelopment.
The Fort Monmouth Economic Revitalization Authority, which handles economic revitalization redevelopment for the sprawling former army base, said that it will sell off the tract of land spanning Eatontown and Oceanport, with a number of conditions in place to ensure certain types of development and community benefits.
According to an Oct. 15 “Request for Offers to Purchase,” the 289-acre “Mega Parcel” has been appraised for $54 million.
State officials have so far sold off 80% of Fort Monmouth’s 1,126 acres, while 70% of its 5 million square feet of building space is slated for demolition.
Possible uses for the space include arts, culture and entertainment – theaters, movie and television production or museums –; incubator and lab space; or research and development facilities, the FMERA said on Oct. 19.
Editor’s note: This story was updated at 3:12 p.m. EST on Oct. 21, 2021. A previous version indicated that there is a track for self driving cars at the former Fort Monmouth site, however those plans never came to fruition; the article was updated to remove such mention. Wording was also updated in the last paragraph to clarify that the list of potential uses for available space at the site contained therein is not exhaustive.