Gov. Phil Murphy, along with officials and stakeholders, commemorated the Oct. 5 groundbreaking of a long-stalled redevelopment effort in Hudson County, now called Hoboken Connect.
The project, which has been 15 years in the making, will produce new office and retail space, affordable housing, and improvements to public infrastructure and the surrounding area.
It is coming to fruition via cooperation from Murphy’s administration, NJ Transit, LCOR and the City of Hoboken.
“Made possible by a combination of vision, tenacity, and public-private synergy, the Hoboken Connect project will serve as a microcosm of all that my Administration is determined to accomplish,” said Murphy. “In addition to incorporating environmentally sustainable design features, this long-awaited development will also produce millions of dollars in revenue for both Hoboken and NJ Transit.”
Hoboken Connect, a multiphase initiative, will consist of the construction of private and public components over the next five-plus years.
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 square feet of retail space; and related public space open investments, such as additional pedestrian, vehicular and bicycle improvements.
The public phase includes construction of a new bus terminal on Hudson Place, significant rehabilitation of the first and second floors of the Ferry Terminal, the redevelopment of Warrington Plaza, and improvements to Hudson Place to support bicycle and pedestrian access to the transportation facilities.
Through the Debt Defeasance and Prevention Fund, $176 million was committed to the project during the Fiscal Year 2023 state budget signed by Murphy over the summer.
A release from the governor’s office boasts that the project will directly and indirectly support 15,290 permanent jobs and $234 million in tax revenue annually. They estimate that Hoboken will see 4,433 jobs on site with $9.6 million in annual retail spending and $4.5 million in annual revenue.
“This project has been 15 years in the making and I could not be more thrilled for it to come to fruition,” said Hoboken Mayor Ravi Bhalla. “The city will reap the benefits of not only a rehabilitated transit hub, but much needed infrastructure upgrades, affordable housing, and retail space that will bring thousands of permanent jobs to the area.”
Murphy’s administration says that NJ Transit will benefit from ground lease payments, increased ridership and customer experience improvements.
“This project is an example of how the public and private sectors can come together to make our cities more walkable and transit oriented as we continue to limit our impact on climate change,” said New Jersey Department of Transportation Commissioner and NJ Transit Board Chair Diane Gutierrez-Scaccetti.
Kevin Corbett, NJ Transit president and CEO, said Hoboken Connect will comprehensively reimagine the terminal.
“This important project will dramatically transform a long neglected historic gem of a terminal and promises to usher in a renaissance for Hoboken, spurring economic growth and transforming the customer experience at this vital transit hub that connects NJ Transit rail, bus, and light rail services with PATH and NY Waterway ferries,” said Corbett.
The project is also expected to create more than 9,800 construction jobs with all improvements made utilizing historic preservation guidelines where applicable.
“The vision for Hoboken Connect was created through a collaborative process, aligning the interests of NJ Transit and the City of Hoboken with the broader goals of the redevelopment, which include transforming and re-activating this historically significant gateway to Hoboken, driving new economic development opportunities, investing in NJ Transit infrastructure and creating new and inviting public spaces for the local community,” said Brian Barry, senior vice president at LCOR. “We’re thrilled to breaking ground alongside key stakeholders who have played an invaluable role in advancing the vision for Hoboken Connect and look forward to bringing this transformative waterfront project to fruition for both Hoboken and those commuting through the area.”