Jones Lang LaSalle
Bayonne mall gets OK to build
Thursday, May 04, 2006
By STEVEN LEMONGELLO
JOURNAL STAFF WRITER
The long-planned Power Center Mall on Route 440 in Bayonne has finally gotten the green light to begin construction, according to a statement by Michael O'Connor, executive director of the Bayonne Economic Development Corp.
Cameron Group, the conditional developer for the site, will soon begin construction on two large anchor stores of 140,000 and 90,000 square feet, three mid-size anchors of between 30,000 and 50,000 square feet, and several smaller shops and restaurants, O'Connor said. Completion is expected in fall 2007.
The BEDC estimates the project will yield more than $1.5 million per year in tax receipts, increase property tax revenues from the site by 500 percent, and add more than 250 jobs to the local economy, O'Connor noted.
Retailers said to be interested in the site include Target, Kohl's and Best Buy, according to city officials.
The breakthrough comes after the city completed its negotiations with AGC Chemicals America, owner of part of the 30-acre "area in need of development." Bayonne has been attempting to acquire the land through eminent domain, claiming the land was vacant and environmentally compromised.
AGC opposed the move, saying it had expansion plans of its own for the site. It also claimed the action was not for any public purpose and would only benefit developers. The company, also known as Asahi Glass Co., dropped its lawsuit against the city in December.
The deal "secures the land necessary to commence construction of the shopping center," O'Connor said, "as well as providing the room for AGCCA to accommodate its planned expansion. AGCCA has worked in close cooperation with the city and Cameron Group. That cooperation is appreciated."
"It was an amicable arrangement," said Sue Baer, vice president of AGCCA. "We appreciate the city's and Cameron Group's efforts to provide additional land for AGCCA to expand in the future."
© 2006 The Jersey Journal
© 2006 NJ.com All Rights Reserved.
Bayonne mall gets OK to build
Thursday, May 04, 2006
By STEVEN LEMONGELLO
JOURNAL STAFF WRITER
The long-planned Power Center Mall on Route 440 in Bayonne has finally gotten the green light to begin construction, according to a statement by Michael O'Connor, executive director of the Bayonne Economic Development Corp.
Cameron Group, the conditional developer for the site, will soon begin construction on two large anchor stores of 140,000 and 90,000 square feet, three mid-size anchors of between 30,000 and 50,000 square feet, and several smaller shops and restaurants, O'Connor said. Completion is expected in fall 2007.
The BEDC estimates the project will yield more than $1.5 million per year in tax receipts, increase property tax revenues from the site by 500 percent, and add more than 250 jobs to the local economy, O'Connor noted.
Retailers said to be interested in the site include Target, Kohl's and Best Buy, according to city officials.
The breakthrough comes after the city completed its negotiations with AGC Chemicals America, owner of part of the 30-acre "area in need of development." Bayonne has been attempting to acquire the land through eminent domain, claiming the land was vacant and environmentally compromised.
AGC opposed the move, saying it had expansion plans of its own for the site. It also claimed the action was not for any public purpose and would only benefit developers. The company, also known as Asahi Glass Co., dropped its lawsuit against the city in December.
The deal "secures the land necessary to commence construction of the shopping center," O'Connor said, "as well as providing the room for AGCCA to accommodate its planned expansion. AGCCA has worked in close cooperation with the city and Cameron Group. That cooperation is appreciated."
"It was an amicable arrangement," said Sue Baer, vice president of AGCCA. "We appreciate the city's and Cameron Group's efforts to provide additional land for AGCCA to expand in the future."
© 2006 The Jersey Journal
© 2006 NJ.com All Rights Reserved.
posted by Jones Lang LaSalle NJ News Blog at 9:20 AM
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