Urban Partners was retained by the Bayonne Local Redevelopment Authority (BLRA) to assist in developing a reuse program for the Military Ocean Terminal of Bayonne (MOTBY). Urban Partners assessed the site’s capactiy to contribute to long-term job creation, additional tax rateables, and mixed use activites to enhance Bayonne’s quality of life.
The study focused on the feasibility of developing commercial, residential, hotel, marina, entertainment, and waterfront-related uses at the site through 2025 and recommended appropriate pricing, scale, and phasing of development. The initial analysis identified comparable development projects involving each of the uses being
considered for the MOTBY site, examined the region’s demographic trends and considered accessibility issues affecting the site. Urban Partners identified total development demand through 2025, which includes 7,500 housing units, five million square feet of commercial space and a 250-slip marina.
Further analysis assessed the economic benefits of each
development program considered (including tax revenues,
revenues from ground leases and/or sale proceeds and employment impacts); compared the costs of infrastructure
investments required for each development alternative, and identified financing and investment requirements and potential sources of funding for each potential use.
Since transfer of the property from the U.S. Army, BLRA
has negotiated the sale and lease of a significant portion
of the property that advances the preferred development
approach. Already developed projects include the Royal
Caribbean Cruise Lines’ Cape Liberty Cruise Port and the
544-unit Alexan at Bayonne Bay rental residential property.
Sale and lease agreements for future residential and mixed use development have also been negotiated