The City of Bayonne finalized a $2.2 million deal to pave the way for a 97-unit luxury apartment complex known as the Bayview at the former Military Ocean Terminal.
By John Heinis/Hudson County View
“This property was given to the City over 18 years ago and has remained vacant since that time, not paying any taxes or creating any economic activity, but that all changes now. Along with the recently announced Costco and Atlantic Realty’s project of 525 residential units, all three of these projects will be underway this spring,” Mayor Jimmy Davis said in a statement.
“Together the three developments will generate over $2,000,000 in annual taxes on land that essentially has been tax exempt since it was created by the US Army in the 1930’s, representing a tremendous win for Bayonne taxpayers.”
This transaction along with other residential, commercial and mixed-use developments throughout the city are expected to add $2.5 billion in new real estate value to Bayonne and combined will generate over $10 million in annual tax revenue, according to the mayor’s office.
The developers of the site are in the process of negotiating a lease with a well-known restaurant to take advantage of the waterfront views at the location.
“We are excited to be part of the revitalization of Bayonne and look forward to being part of the community for years to come. The potential for MOTBY is unlimited with amazing water views,” added Mahalaxmi Bayonne LLC CEO Shaun Gupta.
Mahalaxmi Bayonne LLC was named developer for just over four acres of Harbor Station South in 2017, with the city council approving a sale for $2.1 million in January.