The $825,000 memorial to the five service members killed in a lone terrorist attack at the Naval Reserve Center will be ready later this year, officials said.
City officials said this year's final Heroes Run will complete the fundraising drive.
Contributions will be matched by the Lyndhurst Foundation up to $100,000.
All but $75,000 has been raised.
Mayor Andy Berke said the artist who was selected is currently working on the project in his studio.
He said the first to view the work will be family members of Thomas Sullivan, Skip Wells, Randall Smith, Carson Holmquist and David Wyatt.
Then it will be unveiled to the public.