At its October meeting, the Fort Monmouth Economic Revitalization Authority (FMERA) Board approved a Purchase and Sale & Redevelopment Agreement with TetherView Property Management, LLC (TetherView) for the sale and redevelopment of the Allison Hall Complex.
Allison Hall is situated within the Fort’s historic district, located in Oceanport. Constructed in 1928 to serve as the Fort’s hospital, the building is listed on the National Register of Historic Places and is intended to be adaptively reused. Allison Hall is part of a complex of five buildings (196, 199, 209, 210 and 359) totaling approximately 88,129 ground-square-feet and covering approximately 12 acres.
TetherView’s proposal calls for the renovation of Allison Hall and Building 210 for office, retail and/or commercial uses. Specifically, TetherView proposed reusing Building 210’s ground floor as a waterfront restaurant and the second floor as office or retail use. It also calls for the demolition of Building 196, Building 359 and Building 210’s annex; the development of either 100,000 square feet of office space in one building to accommodate one user or up to 60,000 square feet of business lofts, with the remaining space allotted for retail along Oceanport Avenue; and the reuse of Building 199 for office, retail and/or commercial uses.
The planned redevelopment of the Allison Hall parcel will serve as complement to the newly-inhabited East Gate residences, formerly known as Officer’s Housing, tentatively offering a mix of neighborhood amenities and a walkable shopping cluster. TetherView will also construct a 12-foot-wide promenade along Parkers Creek, linking the development to the west with Oceanport Avenue. This walkway is one of several planned multi-purpose trails intended to link the business and amenities throughout the Main Post and promote connectivity within the greater Fort Monmouth community.
TetherView’s total capital investment in the Project is estimated at $14 million. Additionally, TetherView has expressed interest in demolishing Building 199 and replacing it with a 55,000-square-foot boutique hotel of up to three stories and 110 rooms, for which a Redevelopment Agreement would be required.
TetherView Property Management, LLC is a privately-held property development and management company wholly owned by Michael Abboud. TetherView acquired historic Russel Hall from FMERA last year and successfully renovated the 43,000-square-foot building as headquarters space for TetherView, a private cloud services provider, along with office space for smaller tenants.
Note: FMERA Board action is subject to a ten (10) day veto period by the Governor.