OPort Partners, LLC has purchased District A in Fort Monmouth, a former installation of the Department of the Army in Monmouth County, NJ, announced the Fort Monmouth Economic Revitalization Authority (FMERA). District A includes the former Commissary and PX, the Post Office Area, and a Warehouse District along with an adjacent parking lot. OPort Partners will develop a mix of commercial uses on the combined 26-acre site.
The nearly 53,000-square-foot Commissary building will be redeveloped into a mix of food or craft production related uses which may include eateries and a variety of production spaces. Construction is expected to begin in the first quarter of 2021 and to take approximately three years. The first phase, which includes the renovation of the Commissary, is expected to be completed in 12 months.
The existing buildings in the Warehouse District, Post Office Area, and PX will be demolished by the developer and redeveloped as commercial office, research & development space, and accessory warehouse/flex space. The developer’s plan includes the construction of approximately six new buildings totaling 215,000 square feet, targeting medical and general office users, innovators requiring makerspace or light fabrication space, and technology companies.
The total development for the combined District A and the Warehouse District site is approximately 269,234 square feet.
“We are excited about the development program for this site, especially what is planned at the former Commissary, which will fill an important void at the Fort as well in the regional market,” said FMERA Marketing & Development Manager Sarah Giberson. “The mix of uses OPort has planned is especially relevant in today’s market, and further advances our long-term plans to develop a cluster of technology and commercial uses including amenities.”
According to Giberson, OPort’s targeted uses will complement technology companies already located on the Fort, as well as the growing number of small and large businesses opening Fort-wide. Under the Purchase and Sale and Redevelopment Agreement with FMERA, OPort paid $4,350,000 for the two properties. OPort will invest over $60 million in the project and is expected to create 750 part-time or full-time jobs.
OPort Partners, LLC is owned by Red Bank, NJ-based Denholtz Properties, a privately held, multi-state, fully integrated real estate development, investment, and management company.
CEO of Denholtz Properties, Steven Denholtz added, “At the heart of our development focus stands a commitment to executing transformative projects that enhance the communities where they are located. We are excited to embark on this project as it presents our team with a rare opportunity to breathe a second life into an important piece of New Jersey’s history and create a resilient economic driver for the Oceanport and Monmouth County communities.”
Want to learn more about New Jersey corporate expansion?
Considering New Jersey for your company’s relocation or expansion project? Check out all the latest news related to New Jersey economic development, corporate relocation, corporate expansion and site selection.