FMERA Board Approves Sublease of Fitness Center
With the goal of establishing a work-live-play community, the Fort Monmouth Economic Revitalization Authority (FMERA) Board this month authorized the Authority to lease the Fitness Center and related 7.75-acre parcel from the Army and sublease it to FM Partners, LLC.
FM Partners was the sole bidder on a Request for Offers to Purchase (RFOTP) issued by FMERA in March 2014. With FMERA’s approval of the sublease, FM Partners can move forward with its proposed plans to develop the property. The company anticipates reusing the facility as a fitness/wellness center and intends to create an 80,000-square-foot indoor soccer/recreational field on the property.
“As businesses such as CommVault and AcuteCare bring more employees to the area, FMERA is excited at the prospect of having a facility on the Fort to meet the fitness and recreational needs of the expanding workforce and the community at large,” FMERA Executive Director Bruce Steadman said.
The Fitness Center is on property FMERA is set to acquire via a negotiated Phase 2 Economic Development Conveyance (EDC) Agreement with the Army. Once the Phase 2 EDC is executed and FMERA acquires title to the Main Post, FMERA plans to sell the Fitness Center property to FM Partners. FMERA continues to work aggressively to complete negotiations on the Phase 2 EDC Agreement with the Army and receive a deed to the property.
The sublease will terminate automatically upon FMERA’s conveyance of ownership to FM Partners or if FMERA and FM Partners do not enter into a mutually acceptable sales agreement within one year.