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Bayonne reviews financial terms for two‑building Gamal Group redevelopment; council hears details and affordability questions
Summary
City staff outlined a proposed financial agreement (tax pilot) for Gamal Group East Luxury Apartments: two six‑story buildings totaling 299 market‑rate units, staged tax payments under a 25‑year pilot, and a negotiated community‑benefit payment of roughly $822,250. Residents asked how proceeds would support schools and affordable housing.
City staff presented the key terms of a proposed financial agreement for a two‑building residential redevelopment before the Bayonne City Council on April 15, describing unit counts, projected construction costs and negotiated pilot terms the administration says are necessary to attract private capital to the site.
The project summary staff provided to the council indicates two six‑story residential buildings on the redevelopment site. Building A would contain 177 market‑rate units, about 212 mechanical parking spaces and approximately 4,667 square feet of commercial space; Building B would contain 122 market‑rate units, about 126 mechanical parking spaces and 400 square feet of commercial space. Staff said the developer’s initial estimate to build was roughly…
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