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AMS Acquisitions wins approval for 18-story Bayonne project

250-unit Silk Loft development could be city’s tallest

AMS Acquisitions principal Michael Mitnick and 140 Avenue E in Bayonne, New Jersey (Getty, Google Maps, AMS Acquisitions)
AMS Acquisitions principal Michael Mitnick and 140 Avenue E in Bayonne, New Jersey (Getty, Google Maps, AMS Acquisitions)

Bayonne is ushering in an era of big — or at least, bigger — buildings. AMS Acquisitions has received a green light for another project that could be considered a tower by the New Jersey city’s standards.

The Bayonne City Council approved plans for the 18-story Silk Loft East and six-story Silk Loft West, Hudson County View reported. The former could be the tallest building in the city, though plans have already been approved in the city for an even loftier one.

Silk Lofts East at 140 Avenue E will have 250 market-rate apartments. Silk Lofts West is considerably smaller, with only 36 housing units planned.

Both will lack income-restricted housing, but the developer will pay 2.5 percent of the property’s value to an affordable housing trust fund to renovate outdated units elsewhere in Bayonne.

The redevelopment will also include a massive parking garage to serve both properties, as well as another in the Silk Lofts complex. There will be more than 400 parking spaces, outnumbering the quantity of units approved for development last week. The project’s retail component was cited as the rationale for having so much parking.

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One factor that swayed the council towards unanimous approval of the projects was the developer’s pledge to use union labor exclusively. An agreement regarding payments in lieu of taxes between the city and developer was also approved for both sites. PILOTs are typically used to provide a property tax break and to direct the payments to a particular use, as opposed to the local taxing authority’s general fund.

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Developers have flocked into Bayonne, determined to upsize the city after years of difficulty getting projects done there. A pair of 22-story buildings have been approved at 26 North Street by the city planning board. This year, the board approved a 26-story project from the Ramani Group in the city’s Harbor Station South Section, a 281-unit project on a former terminal site.

An attorney for the Silk Lofts project said last year that construction would begin six to 12 months after final approval, according to the Hudson Reporter. It will take one or two years to build the biggest property and less than a year to build the smaller one.

— Holden Walter-Warner

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BayonneMultifamily Real EstateNew Jersey