Netflix Watched Fort Monmouth NJ Mega Parcel Extended Deal Date

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OCEANPORT – If you’re looking at January 12 as the opening day for deals for the Fort Monmouth Mega Parcel, you’ll have to wait a little longer.

Last month, the Fort Monmouth Economic Revitalization Authority, or FMERA, the state agency charged with redevelopment of the fort, extended the bidding period to January 31. On that day there will be a public tender opening at the FMERA office here at 502 Brewer Ave. Hollywood streaming giant Netflix said it was interested in buying the land for a production facility.

With the 289-acre mega-lot on the market, approximately 80% of the fort’s 1,126 acres are either sold, under contract, in negotiations or through an RFP process.

This image shows the boundary of the Mega Parcel, a 289 acre site for sale in Fort Monmouth

Closure of the plot would go a long way toward FMERA achieving its goal of completing the redevelopment of the fort within 20 years of its closure in 2011. The total redevelopment is expected to yield approximately $2 billion in new investment.

While the names and addresses of the bidding entities will be announced on January 31, FMERA officials told Asbury Park Press they would make no representations as to the identity of the potential buyer.

And it can take months for the FMERA to award a contract, as it has to assess and score each one and then set the tentative terms of the contract, known as the purchase and sale contract. and redevelopment, or PARSA.

“With the scale of this ownership, we anticipate that many negotiations will take place before we present to our board of directors with an agreement,” said Sarah Giberson, FMERA’s director of marketing and development.

The public bidding process began on October 15. About two weeks later, the subscription streaming service and production company Netflix finally responded to rumors that had been circulating since the summer by announcing that they planned to bid on the 289-acre Mega Parcel.

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However, Giberson said at the time that they still expected the bidding process to be competitive for the plot, which combines several of the fort’s redevelopment neighborhoods in Eatontown and Oceanport.

While movie studios are a permitted use in the Mega Parcel, so are a host of other uses, including commercial and residential uses.

The property is valued at $54 million, but the total investment will most likely be in the hundreds of millions of dollars, given that previous developers who bid for the smaller 89-acre, Parcel B offered to invest well over $100 million.

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Aerial survey of the former Fort Monmouth property which is part of the Mega Parcel, where Netflix has confirmed it will make an offer to buy the site.

Parcel B, which had a few potential deals that fell through, was wrapped up in the Mega Parcel along with several other development sites on the grounds of the old fort this summer.

In October, Netflix said its plan was to turn the Fort Monmouth Mega Parcel into a “state-of-the-art production facility”.

Governor Phil Murphy made headlines in April when he sent a letter to major production companies, including Netflix, Walt Disney Co. and Warner Bros., asking them to consider leaving Georgia in the wake of the new election law of this State and of the film in New Jersey. in place.

Netflix credited Murphy and state legislative leaders for creating a business environment that welcomed film and television production in New Jersey.

The world’s first motion picture studio was part of Thomas Edison’s laboratories in West Orange, now part of the US National Park Service. Years later, and before the film industry moved to the warmer, more stable climate of Los Angeles, the capital of American cinema was Fort Lee.

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Whichever offer you choose, there will be no fencing on the property this year. In its 2022 capital budget, FEMRA plans to fence off five parcels in 2022 for a total of $7.1 million.

Typically, once a PARSA is awarded, a buyer has approximately 18 months to close on the property.

When Jersey Shore native Dan Radel isn’t reporting the news, you can find him in a classroom where he’s a history teacher. Contact him @danielradelapp; 732-643-4072; [email protected]

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