News

Fort Monmouth Development in the News

09/14/2016

Freedom Pointe: The developer in negotiations for 89 acres of the borough's Fort Monmouth reuse area offered the first glimpse of its design for 302 residences, high-end retail and outdoor amenities Wednesday to the Asbury Park Press.

PARCEL B: Make room, Eatontown, here comes 'Promenade'

Maurice Zekaria, president of Paramount Realty located in Lakewood, told the Press his group's intent is to create a mixed-use lifestyle destination that he said will become an unparalleled outdoor experience at the Jersey Shore. He wants to offer

"Our focus is to make this development the main hub for the community year-round,” Zekaria said. “We will create an environment that gives people an opportunity to explore."

He wants Freedom Pointe to draw recognized brand-name fashion retailers, and e-retailers — online businesses that Zekaria said are looking for a brick and mortar spot to showcase their goods.

In total, the development calls for about 350,000-square feet of retail and over 40,000 square feet of office space, according to the Fort Monmouth Economic Revitalization Authority — the state authority in charge of the fort's redevelopment.

The group is proposing restaurants, a hotel, a dine-in theater, an outdoor ice skating rink, open lawns for shows, concerts, exercise classes, community and holiday events, biking and walking trails, a spray park and various creative landscaping.

Then there are proposed cushy, hi-tech features like heated floors that would melt off snow and allow people to eat outdoors in the winter and Uber-like delivery of goods right to people's doorsteps.

"We're hoping to break ground within a year," he said.

His group will have the opportunity to build from scratch, as the thirteen buildings located on the parcel will be demolished to make room for the redevelopment.

Unlike Monmouth Mall, which is the concept of its owner, the lifestyle town center at Fort Monmouth was conceived in 2008 by the Fort Monmouth Economic Revitalization Authority, a state agency that drew up the Reuse Plan for what was then the soon-to-be shuttered U.S. Army fort.

The Fort Monmouth Economic Revitalization Authority chose to enter into exclusive negotiations with Paramount Realty in February after it put the parcel out to bid and reviewed five potential buyers.

According to FMERA, Paramount owns, manages and leases about 10 million square feet of space across the country, including in 23 communities in the state. In 2015, the group had net earnings of $90 million on gross revenue of $130 million.

Paramount and FMERA still need to finalize a purchase and sale agreement.

WHOLE STORY HERE:  http://www.app.com/story/news/local/redevelopment/2016/09/14/eatontown-oks-zoning-change-monmouth-mall-plan/90354092/