NJ TRANSIT and the Murphy Administration are applauding the City of Hoboken’s approval of a Redevelopment Agreement for significant new development and public infrastructure improvements near Hoboken’s historic train station.
Hoboken’s City Council last night approved a Redevelopment Agreement with LCOR Hoboken Rail Station Redevelopment LLC for the transformational project, Hoboken Connect, which will realize long-sought-after new office space, retail and affordable housing as well as improvements to the surrounding streetscape.
The project, which had stalled for 15 years, was jump-started through cooperation between NJ TRANSIT, LCOR, Hoboken and the State.
“The Governor and I are proud of this redevelopment in Hoboken and the economic benefits it brings,” said Acting Governor Sheila Oliver.
“The Murphy Administration is focused on strengthening our state from the inside out. We look forward to all the benefits the redevelopment project will bring to the Hoboken community and broader region.”
The project is a multi-phased initiative consisting of private and public components implemented in coordination over the coming five-plus years.
When complete, the project will, directly and indirectly, support 15,290 permanent jobs and $234 million in tax revenue annually.
The City of Hoboken will see 4,433 jobs on site with $9.6 million in annual retail spending and $4.5 million in annual revenue, while NJ TRANSIT will benefit from substantial ground lease payments, increased ridership and customer experience improvements. More than 9,800 construction jobs will be created.
The private phase includes a mixed-use residential building consisting of 389 apartment homes with 20% dedicated as affordable housing; a 20-story Class A office building with a rooftop terrace, 5,000 sq. feet of retail space and related public open space investments, including additional pedestrian, vehicular and bicycle improvements.
Public investments will include the construction of a new bus terminal on Hudson Place, significant rehabilitation of the first and second floors of the Ferry Terminal for commercial and exhibition space, the redevelopment of Warrington Plaza, and improvements to Hudson Place to support bicycle and pedestrian access to the transportation facilities.
Governor Murphy has committed $176 million in the FY23 state budget for the public improvement phase.
All improvements will be made utilizing historic preservation guidelines where applicable.
Photo from LCOR website