JMF Properties, RD Management LLC and Accurate Builders and Developers announced Monday that the joint venture has closed on a 14-acre site on the former Military Ocean Terminal at Bayonne.
The trio plans to redevelop the land into two five-story buildings with 651 luxury rental homes and an 820-space enclosed parking garage. The community, located along Goldsborough Drive, will also feature 25,000 square feet of lifestyle amenities like a rooftop swimming pool.
“Bayonne is a quickly-emerging NJ Gold Coast destination, and we are thrilled to partner with the City in its vision for this incredible, untapped waterfront asset,” Joseph Forgione, founder and principal of JMF Properties, said. “We’ve delivered on our promise to bring meaningful retail to the property, with Costco slated to open ahead of schedule in early 2019 followed by a complement of exciting retail providers, and are now delighted to get started on a high-end residential offering that will bring an energy-infused, dynamic living experience to Bayonne.”
The new residential development will be within walking distance from the new planned ferry terminal at MOTBY and will offer easy access to NJ Transit’s Hudson Bergen Light Rail 34th Street Station.
“This is yet another sign that MOTBY development is a reality and that our commitment to creating a brighter future for Bayonne is well underway,” Bayonne Mayor James M. Davis said. “JMF Properties, Accurate Builders and Developers and RD Management all have a proven track record of delivering new ratables to municipalities and injecting new energy into important, underutilized properties, and we’re more confident than ever that they are the right partners for the City.”
JMF and RD also announced Costco signed space at the Harbor View Marketplace. Costco will occupy about 150,000 square feet.
“With Costco Wholesale as the anchor, and now 651 residential units coming online within walking distance of the retail center, Harbor View Marketplace is one step closer to becoming the living and shopping destination JMF Properties and RD Management have been working hard to create,” Richard Birdoff, principal and president of RD Management, said. “Residents and visitors of Bayonne alike will soon be able to experience the start of this vibrant retail and residential development with the highly-anticipated opening of Costco. We’ll also continue to attract additional national and local retailers to the property who will benefit from the steady foot traffic future residents will bring to the neighboring businesses.”
