BAYONNE, NJ—Bayonne area residents will be able to stock up on bulk supplies of groceries and other home goods, thanks to the new Costco store being developed by RD Management and partner JMF Properties.
The partners signed a lease with Costco Wholesale to make the bulk goods retailer the anchor store at Harbor Pointe Marketplace in Bayonne, NJ. Costco is scheduled to open in fall 2018 and will include a Costco Gasoline gas station with 18 gas pumps. The retailer will occupy 150,000 square feet of the 240,000-square-foot property. Residential and additional retail developments are also currently underway.
“Bayonne has always catered to families and renters looking to take a break from the city, and with this comes a need for an innovative commercial real estate development where the community can live, work, and play,” says Richard Birdoff, principal and president of RD Management. “Harbor Pointe Marketplace will fill this void with Costco as the anchor tenant and the addition of new retail and residential offerings, and surely attract local and transient visitors to the center. We are excited to be a part of the enormous change happening in this town, and look forward to working with JMF Properties to see this dynamic development come to completion.”
Harbor Pointe Marketplace is located in an Urban Enterprise Zone at the intersection of State Route 440 and Goldsborough Drive, a heavily trafficked area with 37,000 cars passing daily, and only 500 yards from Exit 14A on the New Jersey Turnpike. The Hudson-Bergen Light Rail 34th Street Station is across the street, making the center easily accessible by transit. Also, Cape Liberty Port, located directly behind Harbor Point Marketplace, has the second-largest passenger volume among Northeast and Mid-Atlantic coast ports and recently completed a $50 million expansion that is expected to increase the passenger volume to 600,000 per year. Costco Wholesale complements a wide variety of area retailers including TJ Maxx, Staples, Lowes, and Michael’s. When completed, the mixed-use property will feature 651 multifamily residential units, with rooftop terraces and walking paths, and 92,000 square feet of retail space.
“We’re delighted to have a signed lease in hand with Costco Wholesale, which is the perfect anchor retail tenant of our Harbor Pointe Marketplace development,” says Joe Forgione, founder and principal of JMF Properties. “A proven job creator and one of the most respected brands in retail, Costco will play a critical role in the overall transformation of this site into a vibrant lifestyle destination. We will shortly announce another significant retail signing within the development as we continue to work with the City on a collective vision for Bayonne.”
Costco operates 727 warehouses worldwide and employs more than 200,000 people. During the 2016 fiscal year, the company’s total sales were $116.1 billion.
“We’re excited that JMF Properties and RD Management have delivered on their promise to bring such a quality retailer like Costco to Bayonne as part of their redevelopment efforts on the former Military Ocean Terminal at Bayonne site,” says Mayor James M. Davis. “The entire center will be a valued asset to the city, serving all of our residents and attracting shoppers from Staten Island and Jersey City all the way to Bayonne.”