A 97-unit luxury apartment complex will be built in Bayonne at the former Military Ocean Terminal property.
The sale of the terminal property to development firm Mahalaxmi Bayonne LLC included an immediate payment of $2.2 million to the city of Bayonne. The building will contain a mix of one- and two-bedroom apartments and retail on the first floor.
The property was given to the city of Bayonne 18 years ago and has been vacant since that time.
This is the third project to come to the property, joining Costco’s plans to open a warehouse store and Atlantic Realty’s plans to build 525 residential units. Developers currently are negotiating a lease with a well-known restaurant to take advantage of the waterfront views at the location.