Firm Readies 130 Acres in Bayonne for Waterfront Development

Liquid assets are a crucial part of a real estate play taking place in Bayonne.

A liquid storage company is consolidating its space in the New Jersey city, which will enable the redevelopment of more than a hundred acres along the waterfront.

New Orleans-based IMTT announced it would condense its operations on its 450 acres in the New Jersey city, freeing up 130 waterfront acres for “sustainable development” on the eastern side of its land. The company’s Bayonne terminal will still be the largest in the New York Harbor area for bulk liquids storage.

The company is consolidating to become more efficient, but also to create an opportunity to redevelop 250 East 22nd Street. In a press release, IMTT noted the value of that land, pointing out its proximity to more than 8 million people and the Port of New York and New Jersey.

The move has a financial upside, but company leadership also spoke of its desire to support Bayonne and the surrounding area, where IMTT has operated for four decades.

“We are eager to work with the city of Bayonne, the state of New Jersey and other various stakeholders on a plan that will provide significant economic and environmental benefits to Bayonne and the broader New York metropolitan area,” CEO Carlin Conner said in a statement.

The mayor added that the city has been working with IMTT on the future of the facility for a year.

The company said it is considering all development possibilities, but highlighted the land’s potential for further industrial or commercial use. In addition to its proximity to population and the port, there’s also an IMTT-owned railroad, deepwater docks and a pair of interstate natural gas pipelines.

No timeline for redevelopment was disclosed.

Bayonne is quickly becoming a hotspot for development after years of relative stagnation. Earlier in March, the Ramani Group scored approval for a 26-story, 281-unit property on a former terminal site. The building is slated to be the biggest in the city.