Gagliano & Company was engaged by the Army Corps of Engineers to appraise Fort Monmouth, a 1,127 acre military base slated for closure by the 2005 Defense Base Closure and Realignment (BRAC) Commission.
Fort Monmouth is located in east-central New Jersey. The appraisal was complex and included a wide variety of property types, existing improvements, significant vacant acreage and riverfront parcels.
Perhaps the most challenging aspect of the project was that there was no zoning or redevelopment plan yet in place. As a result, Gagliano & Company developed detailed market analyses to support proposed uses for each section of the Fort.
Fundamental demand analyses were developed for each for each of the major property types (residential, office, industrial and retail) and were used to determine whether there was adequate demand in the central New Jersey market area.