BAYONNE, NJ - On Tuesday, July 25th about one hundred members of the New Jersey chapter of the National Association of Industrial and Office Properties (NJ-NAIOP), toured The Peninsula at Bayonne Harbor as part of their Light-Rail tour of Hudson County.

Michael G. McGuinness, Executive Director of NAIOP’s New Jersey chapter hailed the tour as “a unique opportunity to view the property, understand the opportunities for development as well as gain a new perspective on the region.”

NAIOP is the nation's leading trade association for industrial, office and mixed-use commercial real estate investors and developers. Founded in 1967, NAIOP has over 13,000 members in its 50 North American chapters. The group seeks to promote development as well as provide networking and business opportunities for real estate professionals.

Representatives from the BLRA welcomed the chapter’s visit as an indication of The Peninsula’s status as one of the preeminent real estate sites in the region. “We believe that the development taking place at The Peninsula has relevance to the real estate industry both regionally and nationally,” said BLRA Executive Director Nancy A. Kist. “And the presence of the New Jersey chapter of the NAIOP at Tuesday’s tour only confirms that.”

Of particular interest to the members of the NJ-NAIOP on Tuesday’s tour were the types of uses planned for the site. “We [NJ-NAIOP] are focusing more on mixed-use development these days and this site will be the guide for all future development of that kind,” said Mr. McGuinness.

Many who participated in the tour commented on the wisdom of allowing for a mix of uses on the site and benefits of its proximity to mass transit. “I was really impressed,” said tour participant Barbara Morford, “the city is doing everything right.” Another participant, Pat Hanley, agreed: “When you look around, you see that all the elements are covered here.”

Mayor Joseph V. Doria, Jr., who was on hand to greet the tour participants, was pleased by NJ-NAIOP’s interest in the development and it’s members reactions to the tour. “We were very pleased to have had a distinguished organization like the New Jersey chapter of the NAIOP - whose members are leaders in the real estate industry - come to see what The Peninsula has to offer,” said Mayor Doria.

In addition to being a model for mixed-use development, Mr. McGuinness noted that The Peninsula is an ideal case study in the redevelopment of military installations: “We could do a whole program just on The Peninsula and the redevelopment of former bases,” he commented.

Since the U.S. Army transferred complete ownership of the former military base in 2002, the BLRA has raised more than $50 million in government grants and interim lease payments to make infrastructure improvements needed to attract development. These improvements include new bulkheads along the base’s south side and environmental remediation that was completed last year, ahead of schedule. Other projects include the installation of a new sewer system and planning for a new electrical grid and new roads.

Redevelopment of The Peninsula is organized around the creation of six different, yet integrated districts.

In 2004, Cape Liberty Cruise Port opened, marking the first tangible step in the transformation of the 430-acre site. It resulted in 51 cruise ship calls in its first season and created 300 jobs. Since then, the Cruise Port has grown to become the third-ranking passenger port on the East Coast (after New York and Miami).

Early this year, the BLRA approved plans for development of another district, Harbor Station North, which will consist of mid-rise housing, service retail space, and park space adjacent to the 45th Street light rail station.

The recent approval of a redevelopment agreement with Trammell Crow Residential for a portion of Bayonne Bay will begin the transformation of the third district.

Other districts to be developed include The Landing, which will have a water transit docking facility surrounded by a commercial and entertainment area with shops, stores, a hotel and restaurants as well as a residential section with mid-rise housing; The Loft District, which will be converted to hip loft-style housing units adjacent to the ferry landing with views of lower New York Harbor, the Verrazano Bridge and golf course, and The Maritime Industrial District.

For more information about The Bayonne Local Redevelopment Authority, visit www.bayonnenj.org/blra.



 

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