(Photo: COURTESY OF PARAMOUNT REALTY/MASSA MULTIMEDIA ARCHITECTURE)
A real estate developer has agreed to invest $130 million into Freedom Pointe, one of the marquee redevelopment projects at Fort Monmouth.
The terms of the deal, called a purchase and sale and redevelopment agreement, were announced at a recent Fort Monmouth Economic Revitalization Authority board meeting.
As part of the agreement, the Asbury Park Press reports that the developer, Fort Monmouth Parcel B Redevelopment, will pay $22.1 million for the 89-acre tract that it plans to redevelop into a mixed-use town center that it hopes will draw top-shelf retail stores.
The real estate group is an affiliate of Paramount Realty Service based in Lakewood and has committed to investing $130 million into building Freedom Pointe.
The plan calls for 302 residential units, 350,000 sq. ft. (32,516 sq m) of retail and 40,000 sq. ft. (3,716 sq m) of office space. The group has partnered with Ryan Homes to build and market the 302 townhouses, according to Paramount's Vice President, Lee Zakaria.
Zakaria envisions Freedom Pointe as the “crown jewel of Fort Monmouth.”
The project design is pedestrian friendly. A walking trail with water fountains is designed to run along the border with Route 35, and mixed uses include entertainment, restaurants, offices, parks and, perhaps, a heliport.
The group was in exclusive negotiations for the property with FMERA since October. The group has to fulfill the terms of the agreement before it can close on the property. The terms include obtaining the necessary approvals needed to develop the project.
The property is located in Eatontown at the entrance to the old fort grounds along Route 35. The Army closed the fort in 2011.
The project is planned as the “gateway” to the fort. The group is designing a memorial complete with monuments and flags dedicated to the fort's military past at the entrance.
Construction is expected to start this year and completion is anticipated by 2019.
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