By Laura D.C. Kolnoski
A recently revised map of the portions of Fort Monmouth now comprising the Mega Parcel, currently open for bidding, shows the inclusion of the Expo Theater. The intended developer of the theater withdrew his proposal in July.
FORT MONMOUTH – Successful bidder Greg Tencza, owner of Academy Sports Fields LLC of Eatontown, confirmed to The Two River Times Dec. 6 that he withdrew his proposal to purchase and redevelop Fort Monmouth’s former Expo Theater. The theater property, on four acres surrounded by 17 acres of open space and sports fields, is now part of the over 290-acre “Mega Parcel” currently open for bidding.
The entertainment and production firm Netflix confirmed its intention to bid on the site in October, after The Two River Times exclusively reported the company’s interest in July. “I withdrew my proposal this past summer,” said Tencza, of Rumson, who declined to elaborate. In March, this newspaper reported that Tencza planned to demolish the circa-1968, 995-seat cinema and live theater facility where Bruce Springsteen and the E Street Band secretly rehearsed for a tour in 2012. The purchase price was $1.135 million for the theater and $250,000 for the open space, which includes Dean Field. In its place, Tencza wanted to develop an indoor/outdoor commercial recreation, entertainment and retail facility to include multipurpose sports fields, with a capital investment of approximately $5.32 million. The site is located on Route 537, known as the Avenue of Memories through the fort, within the borders of Eatontown. Tencza said he “would consider” a similar project elsewhere, adding, “The concept is potentially viable and I would look at it again. I’d prefer it be in Monmouth County. That’s where the need is.”
A map of the Mega Parcel published by the Fort Monmouth Economic Revitalization Authority (FMERA) has been amended to include the Expo Theater property. Agendas and minutes of FMERA monthly meetings had not updated the status of the Expo Theater’s redevelopment since July. Monthly updates on all active FMERA properties are routine. Developer and Red Bank resident Kenneth Schwartz withdrew his proposal to turn six former fort barracks nearby into an artists’ community about the same time Tencza pulled his project. Schwartz’s action was part of the public agenda and minutes, as he had already closed on his property. Tencza had not yet closed on the Expo Theater property, relegating that action to a staff matter as opposed to a formal FMERA board matter, which is why it was not published publicly.
In July, Schwartz, owner of Red Bank’s Detour Gallery on Clay Street, told The Two River Times he had received all approvals to proceed with the project after years of bureaucratic and other delays, but, “I’m 70 now, like to travel and want to retire. It got to be a long process.” Officials confirmed Tencza’s deposit on the Expo Theater parcel was returned. Legally, before a contract to purchase a fort parcel is signed, the bidder has the right to withdraw or terminate their proposal and get their deposit back if they sign a waiver stating they relinquish any interest. In a related development, an addendum to the Mega Parcel Request for Offers to Purchase (RFOTP) dated Dec. 3, announced an extension to the deadline of the RFOTP from noon Jan. 12 to noon Jan. 31. No reason was publicly provided. No proposals or bids have been received for the Mega Parcel and none are expected before the due date, sources said.
The revised map depicting which fort proper ties are now part of the Mega Parcel shows the addition of the Expo Theater property, as well as the six barracks across the road that were slated to become the artists’ complex. The sliver of gray between the yellow Mega Parcel portions is the fort’s former 2.8-acre Bowling Center, slated to be redeveloped by Parker Creek Partners. Other surrounding areas shown in gray are already redeveloped and operating, or nearing completion, including the Fort Athletic Club, Triumphant Life Church and the Park Loft microbrewery and event space. Parker Creek Partners closed on the Bowling Center in March, renaming it The Alley at the Fort. The purchase price is $1.35 million and PCP is expected to invest $5.2 million into the building’s redevelopment and expansion.
A kickoff ceremony for the project took place in April, with renderings depicting a state-of-the-art bowling facility designed in a retro 1950s-’60s style featuring two restaurants, party rooms, pool tables and bocce courts. Since then, Parker Creek Partners asked for a time extension citing “difficulties in ordering and planning for construction materials due to supply chain issues.” FMERA’s voting members granted the project a fourth completion date extension to April 2022. Reached via phone Dec. 6, real estate developer and consultant James Wassel of Rumson, an owner of Parker Creek Partners, offered “no comment” on the current status of the project.
The December monthly FMERA meeting was scheduled for 5 p.m., Wednesday, Dec. 15. An agenda published 48 hours before the meeting listed an action item entitled, “Consideration of approval of a purchase and sale agreement between FMERA and Parker Creek Partners, LLC for the Bowling Center Parcel in Eatontown.”
The article originally appeared in the December 16 – 22, 2021 print edition of The Two River Times.
