Bayonne’s boom continues as rental development deals move forward

In the same week that Woodmont Properties held a ribbon cutting ceremony for a new rental complex in Bayonne, another developer secured a long-term tax exemption from the city to redevelop an industrial site into nearly 1,600 rental units, JerseyDigs reported. The outlet noted that the Bayonne City Council met on June 19 to grant a PILOT to an entity called Malakshmi Goldsborough Urban Renewal. Meeting minutes show that the financial agreement with the developer will see it construct four residential buildings of approximately 25 stories and three 12-story residential buildings with ground-floor retail on a parcel that was once part of Bayonne’s Military Ocean Terminal. The latter, as noted by TRD, is a massive parcel slated to become a 1.4 million-square-foot logistics and industrial site. Less than two miles away, at 190 West 54th Street, Woodmont recently debuted its 220-unit Woodmont Bay Club. The development by the Fairfield, New Jersey-based firm has studio, one-, two- and three-bedroom units starting at $1,875. Amenities include a sky lounge overlooking Newark Bay, access to Richard Rutkowski Park, a pool and a fitness center. RE-NJ reported that the site of the complex in Bayonne used to be home to a well-known catering company and night club. [JerseyDigs]