Hoboken advances historic redevelopment agreement to revitalize Hoboken Terminal area
A redevelopment agreement was approved by the Hoboken, N.J., City Council for new development and public infrastructure improvements near Hoboken Terminal.
The agreement with LCOR Hoboken Rail Station Redevelopment LLC for the transformational project, Hoboken Connect, will realize long sought-after new office space, retail and affordable housing as well as significant improvements to the surrounding streetscape. The project, which had stalled for 15 years, was jump started through cooperation between New Jersey Transit (NJ Transit), LCOR, Hoboken and the state of New Jersey.
The project is a multi-phased initiative that will consist of private and public components implemented in coordination over the coming years. Public investments will include construction of a new bus terminal on Hudson Place, significant rehabilitation of the exterior and 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.
Gov. Phil Murphy has committed $176 million in the FY23 state budget for the public improvement phase. The private phase includes a mixed-use residential building with 20 percent dedicated as affordable housing; a 20-story Class A office building with a rooftop terrace; 5,000 squarefeet of retail space; and related public open space investments, including additional pedestrian, vehicular and bicycle improvements.
"The state's multi-million-dollar investment into our community will be transformational at this historic gateway into our city's downtown," said Hoboken Mayor Ravi S. 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 percent set aside through the construction of new residential units."
All improvements will be made utilizing historic preservation guidelines where applicable.
“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 Waterway customers who rely on this vital, intermodal transportation hub every year,” said NJ Transit President and CEO Kevin S. 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.”
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 thousands of jobs on site with millions generated in annual retail spending, and additional 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.
