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FMERA Trying To Sell Historic Oceanport Fort Property For Second Time

OCEANPORT: After the first attempt to sell the property ended without an agreement between the Fort Monmouth Economic Revitalization Authority (FMERA) and a developer, the authority is again trying to attract buyers for a piece of historic fort property in the borough.

FMERA has issued a second request for offers to purchase (RFOTP) Russel Hall, a 42,300 square foot, historic building located on Sanger Avenue that was built in 1936 to serve as the Army's Garrison Headquarters.

The FMERA Board voted to terminate the purchase process with Kiely Realty Group, LLC for Russel Hall in December and issue a new RFOTP the building.

Kiely was looking to purchase Russel Hall, a 42,300 square foot, historic building located on Sanger Avenue that was built in 1936 to serve as the Army's Garrison Headquarters.

According to the resolution passed by the board on Dec. 17, the parties disagreed over the reactivation of the former heliport located on the Russel Hall and FMERA staff felt further negotiation would not result in a final agreement over business terms.

FMERA is seeking to have the property redeveloped for office/research use or for an institutional/civic use.

Russel Hall has been nominated for listing on the National Register of Historic Places and is potentially eligible for historic tax credits.

Offers for the property are due to FMERA by April 13 and the board could vote to enter into exclusive negotiations with the highest scoring developer some time later this year.


Read more from: Oceanport

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