Jones Lang LaSalle
State Creates Fort Redevelopment Body
By Eric Peterson
EATONTOWN, NJ-When BRAC sealed the fate of the 89-year-old Fort Monmouth last year, it opened up all sorts of possibilities for 1,126 of the most valuable acres in the Garden State. Now, the state has set in motion the process of redeveloping the sprawling installation once it’s closed, slated for 2011. Its functions and 5,000 jobs are being relocated to Aberdeen, MD.
That first step has come in the form of signed legislation to create the Fort Monmouth Economic Revitalization Planning Authority. The 10-member body will be organized within the New Jersey Department of Treasury, but will be independent of control by the department.
"First and foremost, the work of the authority will be to examine how we take this valuable asset and use it to meet the needs of the local community and our state," Gov. Jon Corzine said while signing the legislation at Fort Monmouth’s Gibbs Hall. "As we deal with issues regarding the disposition of property and the retention and creation of good jobs, the authority’s answer will be guided by the fact that the future of our entire community depends on creating sustainable economic growth."
The 10-member body will be made up of four members appointed by the Governor, two of which will be from the private sector, one a representative of land conservation and environmental concerns and one a representative of organized labor. No more than two of the appointees will be from the same political party, under the terms of the new law.
One member, meanwhile, will be appointed by the Monmouth County Board of Freeholders, another will be the New Jersey Secretary of Commerce and one will be a representative of Fort Monmouth, appointed by the US Secretary of Defense. The final three members will be the mayors of the three communities in which the installation lies, Eatontown, Oceanport and Tinton Falls.
The property is expected to be redeveloped by multiple developers and will likely include a variety of uses. While the emphasis will be on "creating jobs," Corzine says, the final mix is expected to include a combination of commercial uses, including potentially a CBD for Tinton Falls. Other uses that have been mentioned include residential and open space. And given the site’s high-tech infrastructure, R&D uses and an extension campus--Rutgers has been mentioned--could be part of the plan.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
State Creates Fort Redevelopment Body
By Eric Peterson
EATONTOWN, NJ-When BRAC sealed the fate of the 89-year-old Fort Monmouth last year, it opened up all sorts of possibilities for 1,126 of the most valuable acres in the Garden State. Now, the state has set in motion the process of redeveloping the sprawling installation once it’s closed, slated for 2011. Its functions and 5,000 jobs are being relocated to Aberdeen, MD.
That first step has come in the form of signed legislation to create the Fort Monmouth Economic Revitalization Planning Authority. The 10-member body will be organized within the New Jersey Department of Treasury, but will be independent of control by the department.
"First and foremost, the work of the authority will be to examine how we take this valuable asset and use it to meet the needs of the local community and our state," Gov. Jon Corzine said while signing the legislation at Fort Monmouth’s Gibbs Hall. "As we deal with issues regarding the disposition of property and the retention and creation of good jobs, the authority’s answer will be guided by the fact that the future of our entire community depends on creating sustainable economic growth."
The 10-member body will be made up of four members appointed by the Governor, two of which will be from the private sector, one a representative of land conservation and environmental concerns and one a representative of organized labor. No more than two of the appointees will be from the same political party, under the terms of the new law.
One member, meanwhile, will be appointed by the Monmouth County Board of Freeholders, another will be the New Jersey Secretary of Commerce and one will be a representative of Fort Monmouth, appointed by the US Secretary of Defense. The final three members will be the mayors of the three communities in which the installation lies, Eatontown, Oceanport and Tinton Falls.
The property is expected to be redeveloped by multiple developers and will likely include a variety of uses. While the emphasis will be on "creating jobs," Corzine says, the final mix is expected to include a combination of commercial uses, including potentially a CBD for Tinton Falls. Other uses that have been mentioned include residential and open space. And given the site’s high-tech infrastructure, R&D uses and an extension campus--Rutgers has been mentioned--could be part of the plan.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 8:40 AM
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