On Monday, officials from Madison Hill Properties and LanTree Developments held a groundbreaking ceremony for their newest rental apartment complex in the Peninsula City at 222 Avenue E. The currently unnamed project will rise on a presently vacant lot just over half an acre in size, which was formerly home to the CJ Murphy Fuel company.
Hoboken-based Marchetto Higgins Stieve designed the 70-unit development, which will rise 74 feet. 50 of the units will sport one-bedroom and six select residences on the top floor will be 2-bedroom loft-style spaces. Rents for one-bedrooms are expected to start at $1,800/month.
The five-story development will also feature roof terraces, balconies, a fitness center, lounge, and a rooftop deck that will feature views of Manhattan. Parking spaces for 72 cars will be included in the project, which received a 25-year PILOT agreement from the city last year.
The development site is located mere feet from the Hudson-Bergen Light Rail, which has run through Bayonne for years. Despite that reality, there surprisingly hasn’t been much growth along the line, which would be a major contrast with neighboring Jersey City. An aerial shot of 222 Avenue E shows there are currently several other vacant parcels along the rail tracks.
The empty land and lack of ratables it produces has unfortunately led to some fiscal issues in Bayonne, as just last year the city had a $15 million budget hole. But after last year’s trailblazing Park Bayonne, it seems developers are starting to bring some modern buildings to the city.
Signs of a rebirth have ticked up since the new year, as Ingerman’s 19 East broke ground back in February and a slew of new approvals, including a few along the rail line, have been obtained. A commuter ferry and bike share program are also in the pipeline for the city.
While the enactment of those initiatives remains to be seen, 222 Avenue E hopes to complete construction in 2018.
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