In the first real estate transfer ever at the Peninsula at Bayonne Harbor, the BLRA on Thursday, Nov. 29 transferred deed for 7.42 acres to Trammel Crow.

The recent removal of deed restrictions by the US Army cleared the way for the closing.

Trammell Crow Residential will build approximately 530 rental units on blocks B-3 and B-9 within the Bayonne Bay Redevelopment District. The B-3 and B-9 Blocks are the westernmost blocks in Bayonne Bay and sit adjacent to Harbor Station South.

A deposit of $11.3 million was paid upon signing the redeveloper agreement in June 2006. The balance of $7,185,982 was paid at the closing

Trammel Crow executive Rich Murphy at the special Nov. 26 BLRA meeting told BLRA Commissioners that he hoped to begin construction in the next 60 days.

In April 2006 when Trammel Crow was selected by the BLRA, Nancy Kist noted that the BLRA was “extremely impressed by the quality and creativity of all of the proposals we reviewed.”

“Trammel Crow Residential was chosen because its proposal brought to life our vision for a mixture of waterfront and urban living in a park-like setting,” said Howard Fitch, Chairman of the BLRA Board of Commissioners. He added that Trammel Crowe “has the experience and financial strength to ensure that the plan will be transformed into the reality we all envision.”

Founded in 1977, Trammell Crow Residential (TCR NJ/PA Properties, Inc.) of Morristown, NJ, has developed more than 180,000 apartment units and has $2.3 billion in assets. TCR also manages 65,000 apartment units.


 

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