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BLRA Receives Six Development Proposals
PRESS RELEASE
Contact: Joseph G. Nichols
201-823-0333
BLRA Receives Six Development Proposals
Bayonne, December 19, 2008 – On Friday, December 12, the Bayonne Local Redevelopment Authority (BLRA) received six proposals for the development of the three remaining development districts at The Peninsula at Bayonne Harbor, formerly known as the Military Ocean Terminal (MOTBY). The three districts, the Landing, Loft and Bayonne Point, were offered for development through a Request for Proposals and Qualifications issued by the BLRA in late July.
“We are heartened to have received six proposals from quality developers,” said Howard Fitch, Chairman of the BLRA. BLRA Executive Director Joseph Nichols added, “Our success in securing proposals from multiple developers affirms the long term desirability of the Peninsula, even in today’s tough real estate market.”
The six firms or joint ventures which submitted proposals, in alphabetical order, are (1) Lofts Redevelopment, LLC (Russo Development), (2) Lutheran Social Ministries of New Jersey, (3) Pegasus Group, (4) Peninsula Developers, LLC (Boraie Development, Peron Bayonne and Seaway Group) and (5) Royal Caribbean Cruises, Ltd., and (6) SSJ Development LLC. Several of the developers submitted proposals for multiple districts.
The districts offered for development comprise 129 acres of prime waterfront property that includes all 74 acres of developable land at the eastern portion of the Peninsula. The districts are intended for a mix of residential and commercial development uses. Their development will complement construction currently underway at the western half of the Peninsula where initial residential occupancy is expected by June 2009.
The BLRA anticipates taking several weeks to conduct an initial analysis of the responses. All respondents will be required to make a public presentation of their concept plan on dates to be announced.
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