Signal company

Netflix Highest Bidder for Fort Monmouth Mega Parcel: Company

OCEANPORT — Streaming giant Netflix says it is the highest bidder in the race for the Fort Monmouth Mega Parcel, the largest property up for sale at the former US Army base, though details remain unclear.

Company spokespersons told Asbury Park Press on Wednesday that its bid was the “preferred choice” for the 293-acre parcel from among four possible bidders. Officials from the Fort Monmouth Economic Revitalization Authority (FMERA), the state agency tasked with redevelopment of the fort, did not immediately confirm that Netflix had been chosen, but its chief executive told reporters that the highest bidder had been contacted.

“FMERA can confirm that it has identified and contacted the highest rated proponent for the mega package; however, FMERA will not make any further representations regarding the potential purchase of the property until staff are ready to recommend approval of a fully negotiated purchase and sale agreement and redevelopment agreement to the FMERA Board of Directors,” said FMERA Executive Director Kara Kopach.

Kopach said the process could take several months and “no recommendations have been made at this time.”

A Netflix spokesperson told the press that their proposal was for a ‘state-of-the-art production complex’ at Fort Monmouth, which once served as a Signal Corps fort, before it was closed by the military in 2011, a victim of realignment bases.

After:If Netflix doesn’t win Fort Monmouth Mega Parcel, what would rival developers build?

“If our plans are approved, we hope to build a facility that will create significant economic impact and job growth for New Jersey, a state loaded with creative talent and technical expertise,” spokespersons for Netflix.

It was not immediately clear whether Netflix would close production facilities elsewhere in the country if it moved to the fort. Netflix has studios in Georgia and New Mexico.

The mega plot is the largest FMERA has offered for sale since the fort’s redevelopment process began over a decade ago when the fort closed. He envisioned the Mega Parcel as a regional hub for one or more high-growth, high-wage sectors, including film and digital media, life sciences, information and high technology, clean energy and food and beverages and residences.

The property, which consists of several redevelopment neighborhoods in Eatontown and Oceanport, has been valued at $55.4 million. Any developer would likely spend hundreds of millions of dollars on the project, given that previous developers had offered to invest up to $130 million on the former Plot B, which was 89 acres.

After:New Fort Monmouth brewery will offer an all-lager experience in Oceanport

Parcel B failed to sell three times and the FMERA wrapped the site in the Mega Parcel lager in 2021. Netflix made headlines in the summer of 2021 when it announced plans to do an offer on the plot, lured by tax incentives from Governor Phil Murphy. .

The site is huge and has many challenges, not the least of which are the abandoned buildings that will need to be demolished.

The 292 acre mega plot of Fort Monmouth spans the boroughs of Eatontown and Oceanport.

The revitalization authority put the plot up for public auction in March, and bids were due June 6.

Three other developers have bid on the site. Mega Parcel Development LLC, which consists of several partners including Saadia Group, RDR Partners – consisting of partners Russo Development, Dinallo Construction Co. and River Development Equities, and Extell Development, which recently built The Lofts at Pier Village in Long Branch.

After:Is NJCU’s Fort Monmouth Campus In Trouble?

Even if Netflix and FMERA reach a purchase and sale agreement in the next few months, with a signed sales agreement, then there is an additional period of due diligence as well as various state, county and local approvals to be obtained. .

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]