Land once home to an Army base is slated for significant revitalization next year as the buyers of 26 acres will be breaking ground on a new food and craft production facility that will anchor a six-building development.
The Fort Monmouth Economic Revitalization Authority (FMERA) recently announced that a subsidiary company of Red Bank-based Denholtz Properties closed on a parcel of land known as District A. FMERA oversees redevelopment at the base’s 1,000+ acres and sold the District A properties to Denholtz for $4.35 million.
The land purchased by Denholtz is in the Oceanport section of Fort Monmouth and includes a former commissary, a Post Office Area, and a warehouse district along with an adjacent parking lot. Denholtz will invest over $60 million to develop the property for a mix of commercial uses.
The first phase, considered the centerpiece of the project, involves redeveloping the commissary building into an innovative food and beverage facility. The 53,000-square-foot structure is set to be revitalized into a mix of food or craft production related uses which could include eateries and creation spaces.
Denholtz Properties CEO Steven Denholtz is decidedly bullish on the development’s prospects. “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,” says Denholtz, who expects construction on the commissary portion to begin during next year’s first quarter and last 12 months.
Plans for the remaining 26 acres call for a complement of flexible office and technology space, with the existing buildings all slated for demolition. The developer’s current scheme includes approximately six new buildings totaling 215,000 square-feet that will target medical and office users, innovators requiring makerspace or light fabrication space, and technology companies.
“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 [the developer] 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.”
Denholtz will be investing over $60 million in the project, which is expected to create over 750 part-time or full-time jobs. The total development of the 269,000 square foot properties is estimated to take approximately three years.