FORT MONMOUTH, N.J. —
- The wrecking ball is coming to Fort Monmouth’s Myer Center
- Officials said demolishing the building will speed up the sale of the land
- There had been limited interest due to the building’s poor condition
- The Myers Center, a 673,000-square-foot Cold War research center and the largest building on the base is now out for bid
When the Pentagon decided to close Fort Monmouth almost a decade ago, the community lamented the loss of more than 5,000 jobs and wondered what would happen to the sprawling Army base.
As real estate demand in central New Jersey grows more competitive, the site is generating increasing interest. The base’s prospects for reuse are brightened by the recovering property market, especially for retail and residential space, in Monmouth County, an affluent area where developable land is at a premium.
The Fort Monmouth Economic Revitalization Authority, a state agency that manages the sale of the property, says it has been receiving more inquiries from national developers recently than in recent years, multiple proposals for every offer and competitive bids for parcels.