The Board of the Fort Monmouth Economic Revitalization Authority (FMERA) paved the way for new residential opportunities at the Fort by approving a Purchase and Sale & Redevelopment Agreement (PSARA) between FMERA and RPM Development, LLC for the Officer Housing in Oceanport.
The Officer Housing is situated on two parcels of land, totaling 36.5 acres, within the Fort Monmouth National Register Historic District in Oceanport. The area includes 117 existing historic residential units in single, duplex and four-plex configurations surrounding and adjacent to the Parade Ground. In accordance with the Fort Monmouth Reuse and Redevelopment Plan (Reuse Plan), RPM’s proposal involves 68 market-rate for sale units north of the Parade Ground (the North Post) and 48 rental units south of the Parade Ground (South Post). The South Post units are proposed to be a mix of market-rate rentals and affordable housing rental units. There are also plans to convert one of the single family homes on the South Post into a community room for tenants. RPM anticipates restoring the exteriors and renovating the interiors of the North Post and South Post homes, as well as providing landscaping. A recreational area is proposed for the North Post along Parker’s Creek.
“This agreement will mark the first residential project on the Fort. We are excited that it will be in Oceanport,” Executive Director Bruce Steadman said. “The range of sizes and types of units RPM is offering will fulfill the housing needs of many families and individuals, including renters and those looking to purchase. The renovation of these historic buildings, while preserving their historic status, adds to the development’s unique appeal. The annual tax revenue that will flow to Oceanport will make a significant impact to the Borough’s annual budget, and support any additional services needed.”
The Officer Housing parcel sits on property FMERA is set to acquire via a negotiated Phase 2 Economic Development Conveyance (EDC) Agreement with the Army. Closing on the Officer Housing will occur after FMERA acquires title to the Phase 2 property. FMERA continues to work aggressively to complete negotiations on the Phase 2 EDC Agreement with the Army and receive a deed to the land.