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Council approves financial agreement for 110‑unit Broadway project and awards key contracts
Summary
Council heard a financial analysis for a 110‑unit pilot project at 562–568 Broadway and approved a 25‑year pilot structure after staff briefings; the meeting also included multiple redeveloper designations and an award of the city’s solid‑waste collection contract to Century Way.
At its Nov. 12 session the Bayonne council heard a detailed feasibility memo for a proposed 9‑story, 110‑unit project at 562–568 Broadway and approved a financial agreement (pilot) to enable the project as presented.
Dan Banker of NW Financial reviewed assumptions in a memo dated Oct. 7, 2025. He summarized the proposed project as a nine‑story building with 110 residential units (11 studios, 66 one‑bedrooms and 33 two‑bedrooms), 2,896 square feet of retail and 115 parking spaces. Banker said total project cost is roughly $53 million, including a $4.3 million land purchase price (≈ $39,000 per unit). Under conventional taxes the pro forma showed a shortfall; after negotiations the…
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