UPDATE: Authority Designates Developer for $500M-Plus Project

(To read more on the multifamily market, click here.)

BAYONNE, NJ-Following an eight-month selection process and besting nine other candidates, a partnership of Fort Worth-based DR Horton and Dallas-based Trammell Crow Residential has gotten the nod as developer of the Bayonne Bay District at the Peninsula at Bayonne Harbor. The winning proposal for the 32.7-acre Bayonne Bay site is largely residential. It calls for 1,769 units of age-restricted and age-targeted housing, both for-sale and rental, configured around a waterfront park and walkway. Projected cost is in the $500-million-plus range.

The effort is the redevelopment of the former Military Ocean Terminal, shuttered by the US Army in 2002. The board of commissioners of the Bayonne Local Redevelopment Authority voted unanimously to pick the Horton/Trammell Crow group over nine other contenders. The process began in July 2005 when the BLRA fielded the 10 final proposals and launched the eight-month study period. For previous coverage,click here.