Author: Brown Hills
Netflix has declared that it is the best bidder on a sizable tract of the private Fort Monmouth property, bringing the transformation of over 300 acres in Monmouth County into a Hollywood-style film studio one step closer.
In a written statement, a Netflix representative said they are happy that FMERA’s preferred option for the Fort Monmouth development project is their concept for a cutting-edge production complex.
Even if there is still work to be completed with the Economic Development Authority and municipal government to finish the transaction.
The Netflix representative also added that if all the plans are approved, they hope to develop a center that will significantly boost New Jersey’s economy and job expansion.
Netflix battle for the property
The redevelopment committee accepted four applications back in June. In September, one of the bidders claimed that there was no response. Recently, Extell Acquisitions, a division of Extell Development and a New York-based real estate firm, published some of its blended concepts for the location at the closed facility. Apart from Netflix, all three other bidders asserted a multi-use strategy in their plans.
Before this, Mega Parcel Development published designs online for a nearly 300-acre, five-district property, including two residential districts. According to the Asbury Park Press, RDR Partners has proposed three districts featuring residential units and space for IT and innovation enterprises and stores. In addition, the proposal included movie production companies.
Criticism of Netflix’s initiative
Against the now-officially-winning bid, a public effort was started recently. As reported, “No 2 Netflix” started making public arguments against the video content giant’s application to utilize such a large territory for production.
Netflix’s diligent efforts
Netflix claimed they will be inspecting the Fort and settling the financial arrangements in the coming months. If an agreement is reached, there would also be an extra due diligence period in addition to other states, county, and local approvals.
The American Army base was shut down in September 2011, and many structures there are now in poor condition. An FMERA (Fort Monmouth Economic Revitalization Authority) representative also verified that they had contacted the top-scoring bidder. He claimed that the procedure might take “many months.”
FMERA can admit that it has found and gotten in touch with Mega Parcel’s top-scoring proposer.
However, FMERA won’t disclose further details on future property purchases until the staff is ready to advise the FMERA Board to approve a fully drafted Purchase and Sale Agreement and Redevelopment Agreement.
According to a writeup, FMERA is still eager about the MEGA parcel’s future and is looking forward to the expected economic effects of its future renovation.
Netflix won the bid for a plot of land at Fort Monmouth in New Jersey, where the giant media company plans to build a state-of-the-earth production studio. This is an important step, but it is not yet official. In the coming months, there will be a due diligence process, a Fort inspection, and the completion of the financial arrangements. After that, additional state, county, and municipal permissions would be needed before the sale agreement.