BAYONNE, NJ October 6, 2006 – The Board of Commissioners of the Bayonne Local Redevelopment Authority (BLRA), voted last night to authorize the signing of four agreements for the rights to develop within the Harbor Station, Bayonne Bay, Landing and Loft Districts at The Peninsula at Bayonne Harbor (the former Military Ocean Terminal).

A redeveloper agreement was reached with Bayonne Bay Developers, L.L.C. to develop a portion of Bayonne Bay. Conditional Redeveloper Agreements were reached with Boraie Development, L.L.C. to develop a portion of the Landing District and with Taylor Real Estate Development Corp., L.L.C. to develop another portion of the Landing and part of the Loft District. The board also authorized executive director Nancy Kist to sign a Project Development Agreement with Fidelco Bayonne Realty to develop Harbor Station North, and a letter agreement setting forth the parameters for the transfer of Harbor Station South.

The agreement signed with Bayonne Bay Developers will govern five phases of development covering 11 blocks: blocks B-4 through B-8 and blocks B-12 through B-17. In total, Bayonne Bay Developers will pay $91,043,828 for the right to build approximately 1369 units of housing on approximately 25 developable acres.

“Bayonne Bay Developers put forth a first-rate proposal that mirrored our vision for the Bayonne Bay district,” said Howard Fitch, Chairman of the BLRA Board of Commissioners. “And they possess the financial strength, technical expertise and creative vision to turn their proposal into reality,” he added.

Bayonne Bay Developers will join Trammel Crow Residential, selected earlier this year to develop parts of the Bayonne Bay District. Trammel Crow will pay the BLRA $18,485,982 to develop approximately 530 rental apartments on the B-3 and B-9 Blocks of The Peninsula. The B-3 & B-9 blocks consist of approximately seven developable acres.

The total purchase price for all phases of Bayonne Bay from Trammel Crow and Bayonne Bay Developers is approximately $109,529,810. The Bayonne Bay District will also include about 12 acres of public open space and both developers will make additional payments toward the building of parks and the Hudson River Waterfront Walkway.

In addition, the BLRA Board of Commissioners authorized a Conditional Redeveloper Agreement with Boraie Development, L.L.C., to develop a portion of the Landing District. Boraie’s plans include a mix of residential, commercial/retail and hotel space. The Conditional Agreement will allow Boraie to build approximately 600 units of housing as well as commercial/retail and hotel space. These four blocks comprise approximately seven developable acres.

A Conditional Redeveloper Agreement was also authorized for Taylor Real Estate Development Corp., L.L.C., to develop portions of The Landing and the Loft District. Taylor presented plans to convert two of The Peninsula’s existing buildings 42 & 32 into mixed-use facilities featuring residential and commercial space, along with plans for a 22-story residential tower. The Conditional Redeveloper Agreement with Taylor covers approximately 14 developable acres (five blocks) within The Landing and the Loft District.

The Project Development Agreement with Fidelco allows the company to build 447 units of housing — a mixture of condominium flats, townhouses and “stacked” townhouses — and approximately 10,000 square feet of retail space. Fidelco will pay the BLRA $21,000,000 to purchase Harbor Station North.

In addition, the BLRA also voted to authorize Kist to sign a “letter agreement” modifying certain terms of the earlier redeveloper agreement with Fidelco governing their plans to develop Harbor Station South.

“We’ve made a great deal of progress,” said Nancy A. Kist, executive director of the BLRA. “With Fidelco, Royal Caribbean, Cape Liberty Cruise Port and Trammel Crow already on board, and with Bayonne Bay Developers about to join us, along with Boraie Development and Taylor Real Estate, we’re moving full speed ahead,” she added.

Bayonne Mayor Joseph V. Doria, Jr. hailed the agreements as a boon for the City. “The development planned for The Peninsula will create hundreds of jobs for Bayonne residents and tax relief for Bayonne’s homeowners. The successful negotiation of these development agreements is a giant step forward toward a more prosperous Bayonne.”

About The Peninsula at Bayonne Harbor

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, by Fidelco which will consist of mid-rise housing, retail space, and park space adjacent to the 45th Street light rail station.

The approval of redeveloper agreements with Trammel Crow Residential and Bayonne Bay Developers for portions of Bayonne Bay begins the transformation of the third district into a vibrant mixed-use waterfront community.

Conditional agreements with Boraie Development for a portion of the Landing District and Taylor Real Estate for portions of the Landing and Loft Districts signify progress in other districts as well.

The Landing will have a water transit docking facility surrounded by a commercial and entertainment area as well as a residential section with mid-rise housing. The Loft District 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 the golf course.

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


 

Back To Press Releases