The vision of a vibrant, walkable, live-work-play environment came a step closer to becoming a reality this month as the Fort Monmouth Economic Redevelopment Authority (FMERA) Board authorized FMERA staff to enter into a Purchase and Sale & Redevelopment Agreement (PSARA) with Fort Monmouth Parcel B Redevelopment, LLC, an affiliate of Paramount Realty Services, Inc., for Parcel B in Eatontown.
The 89-acre Parcel B property includes approximately 55 acres that front Route 35 in Eatontown, as well as 34 acres of land that FMERA acquired from the United States Army in November as part of the Phase 2 Economic Development Conveyance Agreement.
Paramount Realty has proposed the creation of “Freedom Pointe” on Parcel B, which it says will include over 350,000 square feet of commercial development, featuring a mix of unique national, regional, and local specialty uses including entertainment, food, fitness, grocery, office, and service. The commercial component of Parcel B is expected to include a pedestrian-friendly thoroughfare featuring a two-acre park, the best of class amenities and technology, extraordinary landscaping and architectural design, and conveniently accessible parking throughout the development.
“We consider Freedom Pointe to be the crown jewel of the 1,200-acre Fort Monmouth redevelopment and our vision is to create an unparalleled outdoor shopping experience for our community,” Paramount Realty Services and LMS Commercial Real Estate Vice President Lee Zekaria said. “We want Freedom Pointe to be a place that people will not want to leave and a central gathering point for holiday and community events year-round.”
The estimated $130 million project will also include approximately 40,000 square feet of office space and a total of 302 residential units, 20 percent of which will be affordable to low- and moderate-income households.
“Creating a hub of activity where people can live, shop and just relax has been one of FMERA’s goals since the beginning and we’re excited to be taking concrete steps to bring it to fruition,” FMERA Deputy Director Dave Nuse said.
Founded in 1994, Paramount is a real estate development organization with 60 employees in New Jersey and Pennsylvania. The company owns, manages, and leases approximately 10 million square feet across the country, including 23 successful communities in New Jersey.
Note: FMERA Board action is subject to a ten (10) day veto period by the Governor.