BAYONNE -- Chris Patella, executive director of the Bayonne Local Redevelopment Authority, announced today that the authority has settled a long standing lawsuit with Fidelco Bayonne HSN, LLC. Fidelco has agreed to cede their development rights to Peninsula Infrastructure Partners, a group interested in shifting away from the existing, housing intensive redevelopment plan and towards a more retail oriented one with premium outlet shops, restaurants, and hotels. The Bayonne Planning Board is considering the requested amendments to the Peninsula Redevelopment Plan at its meeting this evening.
Mayor Mark Smith hailed the settlement as an opportunity to remove the logjam that was hampering redevelopment at the Peninsula. "I have long held the belief that Bayonne needs jobs and tax ratables. The switch from housing to retail development addresses these two needs without increasing demand on city services," said Smith. The Mayor commented that the BLRA Commissioners and Director Patella have been working hard to jump start the redevelopment at the Peninsula for the past year.
Fidelco Bayonne had been the designated developer for the Harbor Station sections of the former Military Ocean Terminal. Harbor Station represents the western most parcels on the peninsula. Fidelco had been planning to build a new residential community with for sale townhomes and condo flats when the residential real estate market collapsed. They then asked the BLRA to permit them to build rental units which conflicted with the redevelopment plan and agreements with other developers. The stipulation of dismissal signed on February 8, paves the way for a new developer to take over Harbor Station.
Peninsula Infrastructure Partners has asked the BLRA board to allow different sorts of development other then the residential previously allowed. The BLRA Board agreed and asked the City Council to begin the process of amending the plan which requires that the planning board review the suggested changes and offer their opinion to the City Council.