A Denholtz Properties affiliate has closed on the purchase of “District A” in the Oceanport section of Fort Monmouth, with plans to develop a mix of commercial uses on the 26-acre site, the Fort Monmouth Economic Revitalization Authority said this week.
OPort Partners LLC is owned by the Red Bank-based real estate firm, and will take on the project at the former Commissary & PX and the Post Office Area, as well as the Warehouse District and a neighboring parking lot, FMERA said in a news releasee.
OPort paid $4.35 million for the two properties and plans to invest more than $60 million in the project, which will create up to 750 part- or full-time jobs.
“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 as in the regional market,” FMERA Marketing & Development Manager Sarah Giberson said in a prepared statement. “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.”
Plans for the site call for a combination of flexible office and technology space, as well as food and beverage concepts in the 53,000-square-foot former Commissary building — which would be the centerpiece of the project.
Construction on that aspect is scheduled to start in the first quarter of 2021 and take about three years. The first phase, including renovation of the Commissary, is expected to take 12 months.
Meanwhile, the existing buildings in the Warehouse District, Post Office area and PX will be demolished and redeveloped as office, research & development, and accessory warehouse/flex space. Six new buildings will total 215,000 square feet, aiming to lure medical and general office users, innovators in need of makerspace or light fabrication space, and technology firms.
“At the heart of our development focus stands a commitment to executing transformative projects that enhance the communities where they are located,” Denholtz Properties CEO Steven Denholtz said in a statement. “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.”
The total development will comprise some 269,234 square feet. Giberson said targeted uses will complement the technology companies already located on site, as well as the growing number of businesses opening on the campus.