Roughly 36 acres of land in Tinton Falls will be demolished and redevelopment thanks to actions taken by Fort Monmouth Economic Revitalization Authority.
FMERA’s board approval will allow them to enter a purchase and sale agreement with the New Jersey Economic Development Authority.
The EDA will acquire the property and manage abatements of asbestos and lead-based paint, as well as the demolition of the 750,000-square-foot Myer Center.
“This agreement is a critical step in the redevelopment of the remainder of the Fort,” FMERA Baord Chairman James V. Gorman said in a prepared statement.
The property has generated interest in the past, but was held up by the existence of dilapidated buildings on site.
Last week, the EDA board awarded $5.1 million to Tricon Enterprises for demolition services needed on the property.
The EDA now has the right to purchase or assign the property in whole, or in part, within the next 10 years.
Over two-thirds of the site’s developable land is sold, under contract or in active negotiations.