Sunday, April 30, 2006

Fort Monmouth Pricetag: $2 Billion

From the Star Ledger:

For sale by Army: Its Jersey gold mine

Everyone agrees Fort Mon mouth sits on some of the most valuable real estate in New Jersey. Thanks to new thinking at the Pentagon, we may find out exactly how valuable after the Army closes the communications research center in 2011.

The Pentagon, after years of practically giving away closed installations in the spirit of job creation and economic development, is likely to chase top dollar for pieces of the 1,110-acre site in Mon mouth County, government officials and defense analysts say.

And that could mean as much as $2 billion.

"The Department of Defense is realizing that some of these parcels of land are worth quite a bit," said Ellen Stein, director of New Jersey's office of military affairs. "So they're moving away from 'economic-benefit' conveyances to market-value sales."
"It's unclear what would move the Pentagon to a public auction, but they have a lot of wiggle room and we're afraid they're going to do what they want," said Ford, whose organization represents officials redeveloping closed installations.
Most officials envision Fort Monmouth's land being separated into parcels. New housing is likely on some, businesses parks possible on others. The Pentagon also re tains the right to transfer land for free for parks, airports, hospitals, wildlife conservation or education.
Now, with a hot real estate market and desirable properties to sell, the Pentagon sees a way to make money -- and move properties quickly, Ford and others say.


Anonymous UnRealtor said...

Why is land 90+ minutes from NY City considered "some of the most valuable real estate in New Jersey"?

5/01/2006 12:42:00 PM  
Blogger Metroplexual said...

The ferry at sandy hook makes it less than an hour. (if it still runs)

5/01/2006 01:26:00 PM  

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