Development firm sues over Military Ocean Terminal sale

BAYONNE AND BEYOND — Saying that the sale of portions of the former Military Ocean Terminal to the Port Authority of New York and New Jersey adversely affects the value of nearby property it purchased five years ago, Fidelco Bayonne HSN, Inc. has filed suit against the Bayonne Redevelopment Authority in Superior Court.
Last year, the company settled with the BLRA over stalled development when the BLRA proposed a new plan for developing a mall on a section called “Habor Station North.” Under that agreement, Fidelco agreed to hand over rights to develop 47 acres of the 102-acre Harbor Station section of the former Military Ocean Terminal to Peninsula Infrastructure Partners, which is a development partnership with multiple investors. Under the settlement agreement, the BLRA is amending its Peninsula Redevelopment Plan for Harbor Station to provide a new “overlay” that will give the developer the option of building two hotels of up to 20 stories in the southern section of the site.
This development plan, however, fell through when the BLRA sold nearby sections of the MOTBY to the Port Authority with a provision that Harbor Station and other remaining sections would get a new zone overlay allowing for warehouse use.

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