EATONTOWN: A deal that would have brought a $130 million development to Fort Monmouth has not come to fruition.
The Fort Monmouth Economic Revitalization Authority (FMERA) was unable to reach a purchase and sale agreement with the board-approved redeveloper of Parcel B, which fronts Route 35 near the main gate and currently contains 89 acres with 13 buildings that will be demolished to make way for the future development. The announcement was made at Feb. 21 FMERA Board meeting, but no specific reason as to why the deal fell through was not discussed.
FMERA officials say they will now look to begin negotiations with the second-ranked bidder for the property. The second-ranked bidder was not disclosed by FMERA at the time when the board chose to begin negotiations with Paramount Realty.