The North Bergen Board of Commissioners unanimously approved (3-0) the redevelopment of the site of the former Manhattan Mobile Home Park, located near the intersection of 48th Street and Tonnelle Avenue, at Wednesday’s meeting.
By John Heinis/Hudson County View
According to township officials, the project is expected to break ground this year and the new development will create a transit-oriented rental community at the site, which is expected to help kickstart the revitalization of the lower Tonnelle Avenue area.
NJ Transit’s Hudson-Bergen Light Rai location Tonnelle Avenue, also known as the park and ride, is located directly adjacent to the planned development.
“This exciting development represents a new chapter for this neighborhood and North Bergen as a whole, and we are all very excited to see it advance,” said Mayor Nick Sacco said in a statement.
“Years from now, we may look back on this as the catalyst that spurred redevelopment all throughout the southern portion of Tonnelle Avenue, just as the arrival of major retail stores sparked the incredible revitalization we have seen in the northern area of Tonnelle.”
Officials added that the new development will consist of approximately 214 rental units ranging from studio apartments to one- and two-bedrooms units – as well as amenities like a clubhouse, pool, and fitness center, among other things.
Additionally, the township has entered into a PILOT agreement with the developer, MTC Urban Renewal Company LLC, which will provide $500,000 in annual tax revenue starting when the project reaches substantial completion.
Furthermore, the project is expected to create approximately 200 construction jobs while it is being built and 10 full-time or part-time jobs upon completion.
North Bergen’s housing market appears to be on the upswing with over 1,000 new units either under construction, approved or planned in the township.
This comes after a 2 percent increase in the township’s total assessed valuations from 2014 to 2015, the first time in three years assessed valuations have increased.