FMERA Marks Significant Milestone with Sale of 117 Historic Homes at Fort Monmouth
The Fort Monmouth Economic Revitalization Authority (FMERA) this month announced the sale of the historic Officer Housing units in Oceanport to RPM Development Group (RPM). The sale marks the first Phase 2 property sold since FMERA closed with the U.S. Army in November 2016, and the first residential development project underway at the former Fort.
RPM’s January 13 purchase of the Officer Housing parcel comes less than two months after FMERA finalized an Economic Development Conveyance (EDC) Agreement with the U.S. Army and purchased the balance of Fort Monmouth. FMERA worked with Monmouth County to secure the funding needed to purchase the Phase 2 property through two series of notes issued by the Monmouth County Improvement Authority. The proceeds from the sale of the Officer Housing parcel will be used to repay a portion of those funds, representing almost 20 percent of the total loan.
RPM, a leader in the development of both market-rate and affordable housing in New Jersey, plans to renovate the 117 historic housing units that surround the Parade Grounds in Oceanport. FMERA and RPM executed a Purchase and Sale Agreement and Redevelopment Agreement in July 2015. The agreement states that RPM will develop 68 market-rate for sale units in the North Post section of the property. The North Post development will offer historic homes, renovated to feature modern amenities. Options range from three-bedroom, two-bath historic townhomes to the grand former General’s Home overlooking Parker’s Creek. RPM also plans to develop 48 rental units in the South Post section, one of which has been converted into a community space for residents and a management office for the company. Per FMERA’s enabling statute, twenty percent of the units will be available to low- and moderate-income households.
“RPM has a been a valuable and committed partner in the efforts to redevelop the Main Post area of the Fort,” said FMERA Executive Director Bruce Steadman. “The company’s experience in housing development and historic resource rehabilitation will be vital to the revitalization of the Fort Monmouth Historic District. We are excited to welcome the first new residents to Fort Monmouth in the near future.”