Hoboken’s City Council July 7 approved a Redevelopment Agreement with LCOR Hoboken Rail Station Redevelopment LLC for the Hoboken Connect project, which will bring new office space, retail and affordable housing as well as improvements to the surrounding area.
The move was applauded by the Murphy Administration and NJ Transit.
“The Governor and I are proud of this redevelopment in Hoboken and the economic benefits it brings,” said acting Gov. 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.”
“We are grateful for Gov. Murphy’s substantial financial commitment for these improvements to the rail, bus and ferry facilities at Hoboken Terminal. This will greatly benefit the millions of NJ Transit, PATH and NY Waterways customers who rely on this vital, intermodal transportation hub every year,” said NJ Transit President and CEO Kevin Corbett. “We look forward to continuing our partnership with Hoboken and LCOR to bring this project to life and restoring Hoboken Terminal to be the crown jewel of our transit system.”
The project, which had stalled for 15 years, was jumpstarted through cooperation between NJ Transit, LCOR, Hoboken and New Jersey. It will be multi-phased, consisting of private and public components being rolled out over the coming five-plus years. Stakeholders estimate that the project, when complete, will directly and indirectly support 15,290 permanent jobs and $234 million in annual tax revenue. Hoboken would also see an estimated 4,433 jobs onsite with $9.6 million in annual retail spending and $4.5 million in annual revenue.
CetraRuddy revealed plans for its residential tower at Hoboken Connect in March. Read more.
The project would create nearly 10,000 construction jobs.
“The state’s multimillion-dollar investment into our community will be transformational at this historic gateway into our city’s downtown,” said Hoboken Mayor Ravi Bhalla. “Through the private phase of this crucial project, the city will also be able to increase its affordable housing stock with a landmark 20% set aside through the construction of new residential units.”
The private phase includes a mixed-use residential building consisting of 389 apartment homes with 20% dedicated as affordable housing, as well as a 20-story Class A office building with a rooftop terrace, 5,000 square feet of retail space, and investments in public space improvements.
The public investment phase includes construction of a new bus terminal on Hudson Place, a 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.
The state’s recently signed Fiscal Year 2023 state budget allocates $176 million for the public improvement phase.r