Today’s edition of the New York Post HOME feature on development in Bayonne, NJ showcases several of our clients:
A key area to watch is the Military Ocean Terminal. Once used as a base by both the Navy and the Army, it’s a man-made peninsula spanning some 130 acres that stretches into Upper New York Bay. It also offers dramatic views of New York Harbor and the Manhattan skyline. In 2010, the city of Bayonne, desperate to shore up its finances, sold it to the Port Authority for $235 million. That halted a development plan that had called for 6,700 residential units on the site.
Soon it will be dormant no more. JMF Properties will break ground this year on a project comprising several hundred rental units along with some 250,000 square feet of retail. Negotiations with Costco to open a store on the long-overlooked site are ongoing, according to JMF president Joe Forgione.