By Desiree Taylor
An agreement between the U.S. military and the Fort Monmouth Economic Revitalization Authority (FMERA) has paved the way for the first phase of redevelopment of Fort Monmouth. The plans call for new housing, lodging, 800,000 square feet of R&D, high technology labs and 1.5 million square feet of office space.
Lt. Governor Kim Guadagno, who attended the historic signing agreement this morning, described it as a new chapter for Fort Monmouth. A federal panel ordered the closing of the 94-year-old army installation last September. As a result, thousands of jobs were lost which has hurt the local and regional economies.
“All throughout Tinton Falls, Oceanport and Eatontown, you’ll see foreclosure signs, vacant office space and for sale signs,” said Tinton Falls Mayor Michael Skudera. “And the businesses that stayed have less customers.”
The staff at a local auto repair shop told a similar story. Jessica Chapello, a service advisor at Monmouth Auto Diagnostics, which is located blocks away from Fort Monmouth, said business is down 25 percent since Fort Monmouth closed.
But officials with FMERA, the authority charged with overseeing development of Fort Monmouth, are optimistic about the future. Two companies — CommVault and AcuteCare — have agreed to come to Fort Monmouth. Together, those companies are expected to bring hundreds or possibly thousands of jobs to the area.
The New Jersey Economic Development Authority (NJEDA) has approved a $4.5 million loan to help pay for renovations of two old facilities at Fort Monmouth.
The first phase of redevelopment at the 1,126-acre site could begin later this year.
WATCH VIDEO: