U.S. Senator Bob Menendez (D-NJ) joined West New York officials for a groundbreaking ceremony on a 10-story high-rise on Bergenline Avenue that is set to open in 2021.
The event was organized by developer National Realty Investment Advisors and was held at the site of the project, which is located at 4901 Bergenline Ave. at a former industrial building that is currently vacant.
“This development is the start of a new era in West New York with substantial new private investments being made in our community,” Mayor Gabriel Rodriguez said in a statement.
“We believe that this will be just the first of many beneficial new developments coming to our community that will enable us to revitalize our neighborhoods, attract substantial new tax revenue, create jobs and support our quality of life.”
The luxury building will also include 97 apartments, including one- and two-bedrooms, averaging 960 square feet.
The building will also include a ground floor retail space and a total of 105 parking spots, 80 parking spots in an underground garage and 25 additional off-site spots.
It is located directly across from the Bergenline Avenue Light Rail Station in Union City, so it is expected to primarily attract commuters and thus have minimal impact on traffic, parking and children in local schools.
The new development will continue to pay the same amount in conventional property taxes and will pay an additional Payment in Lieu of Taxes (PILOT) that will increase each year until it reaches a maximum of $740,000.