Fort Hancock is a former United States Army fort located in Middletown Township in Monmouth County, along the Atlantic coast of eastern New Jersey. A beautiful area the fort has tremendous historical significance to the state of New Jersey and its historic integrity should be preserved.
The request is a recent development in the long-running debate over how Fort Hancock’s decaying architecture could be preserved. The National Park Service gave a 60-year lease on 34 historic buildings in Fort Hancock to Jim Wassel, a developer who wanted to transform the buildings into restaurants, bed-and-breakfast units, office space, and class rooms. Commercializing the historic buidings.
Although current mortgage rates are very low financing is hard to come by. As a result the Park Service has wound up giving the developer extension after extension on the lease because he’s been unable to secure financing for the $70 million-$90 million project. Refinance rates on conforming 30 year home residential loans are around 4.00% today.
The developer says developing the site will restore and maintain them. The alternative is watching them continue to deteriorate because the Park Service lacks the financial wherewithal to restore and maintain them.
Congressman Pallone joined the fight when he learned of the commercialization plans of the historic area, agreeing with Save Sandy Hook that they were inappropriate. In his letter to the Park Service, Pallone points out that here have been serious questions regarding Mr. Wassel’s ability to produce the necessary funds to move forward with the three-phase project.”
“Those fears have been realized over the last four years as NPS has granted Mr. Wassel repeated lease extensions due to (Sandy Hook Partner’s) lack of financial resources,” he adds. “The fact that SHP has consistently been unable to show proof of financing, something that should have been required by NPS before his lease was initially extended, should be enough for NPS to cancel the current lease.
“The funds available through the American Recovery and Reinvestment Act are a tremendous opportunity to finally turn the page in what has been a process full of setbacks. I encourage the National Park Service to immediately request the appropriate funds to begin the restoration of the historic buildings at Fort Hancock.”