Bell Works will invest millions of dollars at the site of the former Fort Monmouth, launching a new luxury home community with the purchase of the 15-acre parcel on Parker’s Creek for $15.3 million which closed in November after some delays brought on by the COVID-19 pandemic. The original price was $17.5 million but was reduced due to soil conditions requiring significant expensive remediation and correction. It will also have to build fortified footings for the foundations, based upon the purchase sale agreement. The Fort Monmouth Economic Revitalization Authority, which is in charge of the former US Army base, said the group will invest between $25 million and $30 million to build 144 luxury market-rate townhomes plus an additional 36 residential units of affordable housing. Intended price tag on the homes has not been disclosed. The residential development will produce a revenue for Oceanport with an assessed value of approximately $100 million, which will yield a net tax revenue share for the borough of $10 million over the next 10 years.
According to another Asbury Park Press report, Netflix is very interested in the Fort Monmouth area as well. Netflix supposedly bid or put a bid on a 289-acre parcel in Fort Monmouth known as the Mega Parcel, potentially turning the abandoned Army post into an entertainment production hub. So far, the deal has not closed and the bid remains open until January 12th 2022. Should Netflix come to Monmouth County, it will clearly play an important role in the economy of the surrounding area. The big opportunity that Netflix presents to Monmouth County comes in the form of a potential boom in new jobs, replacing some of the 5,400 jobs lost when Fort Monmouth closed 10 years ago. Possibly some of this was precipitated by Governor Murphy’s expanded tax credits to film producers shooting in the Garden State. According to the Asbury Park Press report, Ben Stiller and Kevin Smith have set up shops earlier this year in Holmdel and Middletown, respectively, to shoot their own projects.
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Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.