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JV Will Build Apartments at Former Base in Bayonne
A joint venture of JMF Properties, RD Management LLC, and Accurate Builders and Developers has closed on a 14-acre site at the former Military Ocean Terminal at Bayonne (MOTBY). Deal terms were not disclosed. Groundbreaking is planned for this fall on what will be 651 luxury apartments and 25,000 square feet of lifestyle amenities.
Formerly a base for both the Army and the Navy, the 103-acre MOTBY site is now being transformed into a mixed-use waterfront destination comprising residential, retail, restaurants, commercial and recreation. JMF and RD are also developing 240,000 square feet of retail space, with Costco Wholesale as the anchor tenant.
“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,” said JMF’s Joseph Forgione. The residential development will rise near a planned ferry terminal at MOTBY.
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