Carl Goldberg, Marc Berson and Partners are expected to construct several hundred residential and commercial units on this large strip of the former Military Ocean Terminal, city officials said. Development had been stalled first by litigation and then by the recession.
“Mayor (Mark) Smith acted swiftly to advance the project once the economy improved, and the project is now on track to break ground this year,” said Business Administrator Stephen Gallo.
Josh Sternberg, vice president of real estate for Fidelco Realty Group of Millburn, working on the development, said that the three-phase, 850-unit, roughly $100 million project could eventually mean approximately $1.5 million a year in taxes for the city.
The current phase, however, is for the first 400 units, and a site plan for that portion will be submitted for approval within the next 60 days, according to Sternberg.
He said the goal is to close on the deal with the city by year’s end, at a still undetermined purchase price.
If all goes as hoped, ground will be broken for the project in the first quarter of next year. Building would take about 18 months or more, with an eye on a mid-2017 completion date.
The recent approval is another major step in a “dream from a decade ago,” according to Sternberg.
“We’ve been working on this a long time, and a lot of times it hasn’t been easy,” he said. “But we’re really, really happy to be working with Mayor Smith and Steve Gallo. And it seems we’re going to get to this mixed-use project. We’re creating ratables, a great development, and access to local people.”
The development will likely mirror other Goldberg projects and include high-end amenities like swimming pools, clubhouses, common area Wi-Fi, a basketball court, a billiard room, and a fitness center.
Each apartment will be wired for cable, internet, and an alarm. Other amenities scheduled to be included are hardwood floors, six-foot windows, maple cabinets, nine-foot ceilings, full-sized, stacked washer/dryers, stainless steel appliances, microwave ovens, tubs and showers with marble vanity counters, walk-in closets, and private balconies.
Views of the Manhattan skyline are expected to be a top selling point for the units.
Rail & NYC proximity
Smith welcomed the board’s approval of the redevelopment plan, which takes advantage of the site’s proximity to the 45th Street light rail station and the easy commute to New York City.
“This has been a long time coming,” Smith said. “But we are finally on the threshold of progress at the peninsula. It took a lot of hard work to get us to this point, but now we are eager to get started. The past is behind us and our future looks bright.”
Harbor Station South
In a related matter, Smith said he was looking forward to reviewing the expressions of interest for Harbor Station South which were due on Friday, Feb. 28. The city was anticipating several proposals for mixed-use projects for the Harbor Station South district, including retail and commercial uses, several hotels, and destination shopping venues.
Besides the tax benefits, Smith said that the projects would create jobs for city residents.
“These are exciting times to be in Bayonne,” the mayor said. “Our community has caught the attention of developers from all over the region. We expect 2014 to be a banner year for Bayonne.”
Joseph Passantino may be reached at JoePass@hudsonreporter.com.