Costco, the membership-only retail warehouse club, will be coming to Bayonne’s former Military Ocean Terminal Base next year. The publicly-traded, Seattle-based company plans to build its warehouse and a gas station on the west side of Route 440 and across from the fire station on Chosin Few Way starting in the spring of 2018, according to Bayonne Business Administrator Joe DeMarco.
The New York Post sees Bayonne as on the cusp of a real estate renaissance.
In a recent report profiling a couple who moved to Bayonne in 2004, the newspaper said that the city has “long held loads of potential,” citing the Light Rail, and number of developable land parcels, but “legal battles, lackluster efforts and economic downturns” have hampered its progress in the past.
But the report said there are signs “that Bayonne’s time has at last arrived,” citing the redevelopment of the Military Ocean Terminal, as well as the many other projects currently being built around the city.
Around 1,000 residential units are being worked on this year, while another 2,000 to 3,000 apartments will be added over the next five years, the city Business Administrator Joe DeMarco said in the report.
The city’s rental costs are also significantly cheaper than Jersey City — $1,800 for a one-bedroom and between $2,200 and $3,000 for a two-bedroom, whereas similar units in Jersey City cost between roughly $2,500 and $3.500, the report said.
via JERSEYDIGS.com – The long planned development of Bayonne’s former Military Ocean Terminal moved one step closer this week when the city council chose Whippany, NJ based JMF Properties as the developer of a 16-acre portion of the planned Harbor Station South project.
More from the press release:
BAYONNE, NJ – At their June 22, 2016 meeting, the Bayonne City Council designated JMF Properties of Whippany, New Jersey as the developer of a 16-acre portion of the property on the former Military Ocean Terminal (MOT) known as Harbor Station South:
“JMF Properties is proud to enter into this public-private partnership with the City of Bayonne and looks forward to taking an active role in the overall redevelopment of the Military Ocean Terminal,” said Joe Forgione, Founder and Principal of the Whippany-based firm.
Forgione continued: “We appreciate the trust the City Council has placed in us with this designation, and are committed to successfully executing a meaningful development plan comprising for-sale townhomes and carefully-curated retail uses. The residential ownership component will encourage long-term investment in the City, while the retail will serve as a place-making catalyst for Harbor Station. Our expertise in developing mixed-use projects of this nature in towns such as Denville, Hanover, Parsippany and Maplewood makes us uniquely positioned to help fulfill the collective vision of a vibrant destination that complements and enhances the lifestyle, financial stability and dynamism of Bayonne.”
“This is a very good first step,” said Mayor Jimmy Davis. “I am pleased that the City Council took this action. I look forward to working with Mr. Forgione and JMF Properties as we move forward to formalize the details of how the property will be developed, and how the development will benefit the City for years to come.”