Fort Monmouth will soon be for sale, but not as a single unit. The fort, an expansive property that lies across three towns, operated for almost a century as a small city and includes buildings of all types and uses.
To shape it for its new life, redevelopers will carve up the space into individual porperties that it will market separately. They are hoping that investors will see it as valuable real estate and a place to do business. Local governments and non-profits got a chance to put dibbs on the property several years ago by submitting a notice of interest or NOI under the federal public benefit conveyance program.
The Army continues to own the fort property but has deferred to the Fort Monmouth Economic Revitalization Authority (FMERA) for all requests for property at the fort. Under the authority's predecessor FMERPA, parties interested in getting a building or land put in a notice of interest stating their intended use for the property in question.
Since those orignial NOIs were solicited, the public benefit conveyance program has been replaced by the Economic Development Conveyance. This federal approval of property transfer from the Army to the local redevelopment authority - FMERA - comes with specific stipulations including a long term development plan that includes how the transfer will generate jobs.
Under this conveyance (which FMERA has not yet acquired, pending some other steps) FMERA can only sell properties for in order to generate jobs.
FMERA is in the process of designing a quantitative evalutation process for approximately 20 NOIs. The results of which they plan to announce in November or December. The evaluation will have a point system which measures, in part, how the NOI fits into the 2006 reuse plan and how it will generate jobs.