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Fort Monmouth's Howard Commons Sold to HovWest

Demolition slated in the next few months

By Christopher Sheldon

The final step in the sale of Howard Commons to developer HovWest has been completed by the Fort Monmouth Economic Revitalization Authority (FMERA) board.

The board passed a resolution during its Jan. 15 meeting approving purchase, sale and redevelopment agreements with HovWest. This marks the completion of the sale of the Fort Monmouth property that sits in Eatontown, just over the Shrewsbury border.

The 486 vacant housing units and large general purpose building on the property will be demolished to make way for 275 two- and three-bedroom for-sale townhomes. Twenty percent of the homes will be reserved for affordable housing.

The plan also includes a retail development at the corner of Hope Road and Pinebrook Road and 20.4 acres of open space and public recreation amenities. 

FMERA Executive Director Bruce Steadman said once the sale is closed, the site plan will go before the Eatontown Planning Board. Once the board approves the site plan, demolition of the old buildings on the property will begin in 60 days.

Steadman said he believes this will all hapen within the next few months.

"Neither HovWest nor FMERA has any interest in letting the grass grow beneath our feet while this is going on, so we're full speed ahead," Steadman said.

HovWest will pay nearly $7.23 million for the property.

If the developer does not complete the project within seven years of closing, FMERA will have the option of repurchasing the uncompleted portions of the property for the greater of HovWest's initial purchase price plus its improvement costs or its then-current appraised value, the resolution says.
Gerri Hopkins January 17, 2014 at 07:05 AM
The property does not border Shrewsbury. It's Tinto Falls on the other side of Hope Road.
Sal January 17, 2014 at 01:31 PM
Was the property put up for bid??? or was it an insiders only sweetheart deal????

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