BAYONNE, NJ-When the Port Authority of New York and New Jersey leapt on a new possibility for winning quick federal approval of its plan to raise the Bayonne Bridge last week, industrial real estate specialists in New Jersey raised a cheer.
“It is critical not just for the port, but for the state’s economy in general,” Michael McGuinness, CEO of NAIOP New Jersey, the commercial real estate development association headquartered in New Brunswick tells GlobeSt.com. “Not only is the bridge project critical, but the timing is critical.”
The authority has committed $1 billion to the project that will increase navigational clearance for container ships from 151 to 215 feet by the time widening of the Panama Canal is completed in 2014. Currently, the Bayonne Bridge is too low to permit passage of larger vessels anticipated after Panamax, as the widening project is known.
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