Is Netflix coming to Fort Monmouth with a winning bid on the Mega Parcel? It says yes

Dan Radel, Asbury Park Press
·3 min read

OCEANPORT — Streaming giant Netflix says it is the top bidder in the race for Fort Monmouth's Mega Parcel, the largest property every put up for sale at the former U.S. Army base, though details remain unclear.

Spokespeople for the company told the Asbury Park Press on Wednesday that it's bid was the "preferred choice" for the 293-acre parcel out of four possible bidders. Officials at Fort Monmouth Economic Revitalization Authority (FMERA), the state agency in charge of the fort's redevelopment, did not immediately confirm Netflix was chosen, but its executive director told the Press the highest bidder had been contacted.

"FMERA can confirm that it has identified and contacted the highest scoring proposer for the Mega Parcel; however, FMERA will make no further representations relative to the potential purchase of property until such time as the staff is prepared to recommend the approval of a fully negotiated purchase and sale agreement and redevelopment agreement to the FMERA board.," Kara Kopach, FMERA's executive director, said.

Aerial survey of the former Fort Monmouth property that makes up part of the Mega Parcel, where Netflix has confirmed it will make a bid to buy the site.
Aerial survey of the former Fort Monmouth property that makes up part of the Mega Parcel, where Netflix has confirmed it will make a bid to buy the site.

Kopach said that process may take several months, and "no recommendation has been made to date."

A spokesperson for Netflix told the Press that their proposal is for a "state-of-the-art production complex" at Fort Monmouth, which once served as fort for the Signal Corps, before being closed by the Army in 2011, a casualty of base realignment.

More: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," Netflix's spokespeople said.

It was not immediately clear if Netflix would be closing productions facilities elsewhere in the country, if it makes the move to the fort. Netflix has studios in Georgia and New Mexico.

Mega parcel is the largest FMERA has offered for sale since it began the process redeveloping the fort over a decade ago when the fort closed. It envisioned the Mega Parcel as serving as a regional hub for one or more high-wage, high-growth sectors, including film and digital media, life sciences, information and high tech, clean energy and food and beverage as well as residential homes.

The property, which consists of several redevelopment districts in Eatontown and Oceanport, was appraised at $55.4 million. Any developer would likely spend hundreds of millions of dollars on the project, considering that previous developers had proposed investing as much as $130 million on the former Parcel B, which was 89 acres.

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Parcel B failed to sell three times, and FMERA wrapped the site into the lager Mega Parcel in 2021. Netflix drew headlines in the summer of 2021 when it announced it's intent make an offer on the parcel, lured by tax incentives from Gov. Phil Murphy.

The site is enormous and comes with many challenges, not the least of which is derelict buildings that will have to be knocked down.

Fort Monmouth's 292-acre Mega Parcel stretches across the boroughs of Eatontown and Oceanport.
Fort Monmouth's 292-acre Mega Parcel stretches across the boroughs of Eatontown and Oceanport.

The revitalization authority put the parcel out to public bid in March, and bids were due June 6.

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

More:Is NJCU's Fort Monmouth campus in trouble?

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

When Jersey Shore native Dan Radel is not reporting the news, you can find him in a college classroom where he is a history professor. Reach him @danielradelapp; 732-643-4072; dradel@gannettnj.com. 

This article originally appeared on Asbury Park Press: Netflix top bidder for Fort Monmouth Mega Parcel: company