As suburban revitalization comes to the forefront, young families and young professionals are continuing to populate suburbs throughout the nation. With this comes a need for innovative commercial real estate developments that can serve as activity hubs for its community members. In turn, suburban and “commuter towns” are now becoming alternative destinations to the hustle and bustle of city life.
A perfect example of this scenario is Jersey City, New Jersey. Over the years, the once gritty town across the Hudson River has become a city of choice among young commuters. New apartment buildings, restaurants, promenades, and galleries line the streets, giving the community a fresh jolt of energy and personality. Similar changes are now moving south and RD Management and JMF Properties are among the many developers claiming the final frontier of development and investment along the Gold Coast -- the city of Bayonne.
Bayonne, New Jersey, known for its parks, quality school district, and safe neighborhoods has always catered to families or renters looking to take a break from the city. Unlike its sister commuter towns, Bayonne has a much more suburban feel, with residents that have called it “home” for generations.
Jutting into the Upper New York Bay lies Military Ocean Terminal -- an area of untapped potential with views of Manhattan, easy access to the Hudson-Bergen Light Rail, and the New Jersey Turnpike 14A interchange. With New Jersey Route 440 running alongside the terminal, and amid talks of installing a commuter ferry route to Manhattan, young families and professionals that once turned to the traditional commuter cities such as Jersey City or Brooklyn are now turning to Bayonne.
Along with commuters, national retailers have been eying Bayonne since Military Ocean Terminal’s shutdown in 1999. JMF Properties is the designated developer of a significant portion of the terminal, and plans to break ground in September on a mixed-use development consisting of for-sale townhomes, retail, and restaurants. A waterfront walkway is currently being installed stretching from New Jersey Route 440 out to the tip of the pier, where residents and visitors can enjoy views of lower Manhattan.
We are excited to be a part of the enormous change happening in Bayonne, and look forward to working with JMF Properties to see this dynamic development come to completion.
RD Management owns 78 retail, mixed-use, vacant land, office, and storage properties in the Northeast and has more than 200 properties in its national portfolio.
Richard Birdoff is the principal and president of RD Management