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Oceanport Fort Monmouth Property Finds A Developer

OCEANPORT: The borough may soon be getting another ratable from the former Fort Monmouth property.

The Fort Monmouth Economic Revitalization Authority (FMERA) appears close to selecting a developer for 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 building is going to be awarded to a taxable project that is actually headed by a Oceanport resident," Oceanport Mayor Michael Mahon said during the Oct. 15 council meeting.

Mahon said the developer will be using the building as high tech office space.

Kiely Realty was originally looking to purchase Russel Hall, but according to the resolution passed by the FMERA board on Dec. 17, the parties disagreed over the reactivation of the former heliport located on the property and FMERA staff felt further negotiation would not result in a final agreement over business terms.

The borough actually looked at Russel Hall as a potential borough hall, and responded to FMERA's request for offers to purchase (RFOTP) the property. Mahon said at the time if a legitimate developer wanted to purchase the building that the borough would no longer look to pursue it.

The mayor said the borough will now be refunded its $40,000 deposit bid for the property.

FMERA will likely vote to enter into exclusive negotiations with the developer for Russel Hall in the next few months.

Read more from: Oceanport

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