FMERA Board Authorizes Execution of Purchase & Sale and Redevelopment Agreement with KKF University Enterprises, LLC for the Redevelopment of the Squier Hall Parcel as a University Campus
At its September meeting, the Fort Monmouth Economic Revitalization Authority (FMERA) approved a Purchase & Sale and Redevelopment Agreement between FMERA and KKF University Enterprises, LLC (KKF). KKF proposes to renovate and construct a state-of-the-art, satellite campus in the heart of Fort Monmouth’s Main Post.
Squier Hall, also known as Building 283, is a two-story, 76,538-square-foot administration building located on Sherrill Avenue in Oceanport. Constructed in 1935, the building is eligible for the National Register of Historic Places and is slated for office, research and development or educational use in the Fort Monmouth Reuse and Redevelopment Plan (Reuse Plan). Squier Hall is part of a complex of seven buildings (283, 288, 291, 292, 293, 295 and 296) totaling 153,835 square feet and covering approximately 28.6 acres.
KKF’s proposal calls for the renovation of Squier Hall for lease to New Jersey City University (NJCU) for a baccalaureate completion site for upper division educational coursework similar to the University’s current programming at the Wall Higher Education Center, known as NJCU Monmouth. Those programs, primarily including nursing, national security studies and business, would be relocated to Squier Hall.
Squier Hall is located near numerous established and planned businesses and amenities, including the Dance Hall, planned as a microbrewery, eatery and event space; the McAfee Center, planned as a mixed-use technology campus; Greeley Field, open space planned for community enjoyment and recreation; and the Fort Monmouth Fitness Center, planned as a health and fitness club.
The redevelopment of Squier Hall and the adjacent property is planned in three phases. In the future, KKF may develop a residence hall and possible future additional academic buildings on site to accommodate the newly established student body of up to 800 students, and potentially use additional land for parking and recreational uses. KKF will invest a minimum of $10 million in renovating approximately 46,000-square feet of Squier Hall and demolishing the remaining buildings. Because all existing buildings on the site other than Squier Hall are planned for demolition, and because the use for the Phase III redevelopment area is limited to open space, redevelopment of the Phase II and Phase III Parcels will require a Reuse Plan amendment and separate Redeveloper Agreements.
Note: FMERA Board action is subject to a ten (10) day veto period by the Governor.