OCEANPORT: The Fort Monmouth Economic Revitalization Authority (FMERA) and a developer have ended negotiation over a purchase and sale agreement for a historic Fort Monmouth Building.
The FMERA Board voted to terminate the purchase process with Kiely Realty Group, LLC for Russel Hall and issue a new request for offers to purchase (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.
"Kiely maintains that the operation of the heliport as a commercial enterprise is essential to the financial viability of its project," the resolution memorandum states. "FMERA staff has concluded, however, that the helipad's close proximity to the Officer Housing parcel makes its location unsuitable for daily commuter service."
The Officer Housing is a group of 117 residential units that is could soon be owned by RPM Development, LLC.
The action taken by the board does not affect Kiely's status with respect to the Pistol Range parcel in Tinton Falls, where the board has selected the company as the prospective purchase/redeveloper of the property.