EATONTOWN: The area of Fort Monmouth designated as Eatontown's new town center will include more retail space once the request for offers to purchase (RFOTP) is issued for the property.
Fort Monmouth Economic Revitalization Authority (FMERA) Director of Real Estate Development David Nuse said the plan will include an additional parcel of land that will for the expansion of the area known as Parcel B.
"Parcel B will go deeper into the fort and pick up a parcel located in Phase 2 along Derum Avenue," Nuse said. "Because FMERA will eventually own all of Phase 2, that boundary can be expanded deeper into the fort."
The original plan called for 150,000 square feet of retail space, but the new RFOTP, which should be issued in the next 30 days, will have 250,000 square feet of retail space.
The parcel that will be absorbed to Parcel B was originally slated for office development, Nuse said, but the changing real estate market favors retail over office space so the area will be rezoned to allow retail development.
Parcel B will now grow to about 75 acres and will also include a total of 302 medium density or mixed-use residential units.
Eatontown Mayor Gerald Tarantolo said the original design for the town center was modeled after Long Branch's Pier Village with residential units on the second and third floors on top of commercial development including restaurants.