BAYONNE, NJ January 5, 2007 – Trammell Crow Residential’s plans for Bayonne Bay will be reviewed by the Commissioners of the Bayonne Local Redevelopment Authority (BLRA) at a public hearing on Thursday, January 11, 2007 beginning at 6 p.m. in the Dorothy Harrington Council Chamber, 630 Avenue C, Bayonne. The Commissioners will determine whether Trammell Crow’s plans are consistent with the redevelopment plan. If Trammell Crow’s plans are approved by the BLRA, Trammell Crow’s next step will be to make a site plan and subdivision application to the Bayonne Planning Board to approve its plan for the Bayonne Bay District.

Last year the BLRA signed a redeveloper agreement with Trammell Crow to redevelop the B-3 and B-9 blocks of the Bayonne Bay District. Trammell Crow Residential agreed to pay the BLRA $18,485,982 to develop over 500 rental apartments on these two blocks. They have placed $11,373,063 on deposit with the BLRA to be applied to the purchase price of the two blocks.

In a related matter, Bayonne Bay Developers, LLC (the designated developer for the remainder of the Bayonne Bay District) placed $13,700,000 on deposit with the BLRA to be applied to the purchase price of the first phase of their project. Bayonne Bay Developers, LLC agreed last year to pay the BLRA a total of $91,043,828 for the right to build approximately over 1,300 units of housing on the remaining 11 blocks of the Bayonne Bay District.

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.

“I think people will be amazed this year by the transformation of The Peninsula,” said Nancy A. Kist, Esq., executive director of the Bayonne Local Redevelopment
Authority. “I invite folks to come down and see the progress for themselves this year, and to enjoy the areas opened to the public last year,” she added.

Bayonne Mayor Joseph V. Doria, Jr. hailed the progress made by the BLRA.
“The successful negotiation of these development agreements is a giant step forward toward a more prosperous Bayonne and I wish to congratulate Nancy and her staff for their tireless efforts to move this project along.”

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 Trammell 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.


 

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