A new rental project is in the works for a parcel just steps from the 22nd Street Light Rail station in Bayonne. Madison Hill Properties, a Passaic-based developer, is behind the 70-unit building slated for 222 Ave. E. If all goes as planned, they hope to complete the project by 2018.
The 6-story building will be a mix of 1- and 2-bedroom apartments, with a few of the 2-bedrooms being duplexes. It will also feature a full suite of amenities that include a roof top deck, fitness center and community lounge. As for parking, the building will house 72 covered spaces for residents.
The project was approved by the city earlier this summer. It also was given a 25-year tax abatement where the developer will make payments directly to the city in lieu of property taxes.
Following the success of Park Bayonne, which opened earlier this year and quickly leased up the majority of their units, developers are now looking more closely at Bayonne for opportunities. Over the next few years, Bayonne could see some significant development.
[gmap height=”250px”]222 Ave E, Bayonne, NJ 07002[/gmap]
222 Ave E, Bayonne, NJ 07002