Long stalled Hoboken station project finally gets underway

Hoboken Connect, the long-running redevelopment plan that will bring apartments, offices, retail, infrastructure and streetscape improvements into a smartly designed project near historic Hoboken Railway Station, is finally launched after more than 15 years of delays.

On Wednesday evening Hoboken City Council approved a redevelopment deal with LCOR Hoboken Rail Station Redevelopment LLC, which will serve as lead developer of the transformation project.

The project is a multi-phase initiative that will include private and public components implemented in coordination over the next five years.

The private phase includes:

  • A mixed-use residential building, consisting of 389 apartments, 20% of which are dedicated to affordable housing;
  • A 20-story Class A office building with a rooftop terrace;
  • 5,000 square feet of retail space;
  • Investments in public open spaces, including additional improvements for pedestrians, vehicles and bicycles.

Public investments will include:

  • Construction of a new bus terminal on Hudson Place;
  • Significant rehabilitation of the first and second floors of the maritime station for commercial and exhibition spaces;
  • The redevelopment of Warrington Plaza;
  • Improvements to Hudson Place to facilitate bicycle and pedestrian access to transportation facilities.

When completed, officials say the project will directly and indirectly support 15,290 permanent jobs and $234 million in tax revenue per year. The city of Hoboken is expected to see 4,433 on-site jobs, with $9.6 million in annual retail spending and $4.5 million in annual revenue.

New Jersey Transit will benefit from significant ground lease payments, increased traffic and improvements to the customer experience.

Nearly 10,000 construction jobs are expected to be created.

The total cost of the project has not been announced, but $176 million from the state budget for fiscal year 2023 has been allocated for the public improvement phase.

The project, which had been stalled for 15 years, was launched through cooperation between NJ Transit, LCOR, Hoboken and the state.

Hoboken Mayor Ravi Bhalla was delighted.

“The state’s multi-million dollar investment in our community will transform this historic downtown gateway to our city,” he said. “Through the private phase of this crucial project, the city will also be able to increase its affordable housing stock with a historic 20% set aside through the construction of new residential units.”

NJ Transit and officials from Governor Phil Murphy’s administration said they were pleased the city was able to reach the finish line.

“The Governor and I are proud of this redevelopment in Hoboken and the economic benefits it brings,” Acting Governor Sheila Oliver said. “The Murphy administration is focused on strengthening our state from within. We look forward to all the benefits the redevelopment project will bring to the Hoboken community and the wider region. »

NJ Transit CEO Kevin Corbett said the project will improve the city’s most important transportation systems.

“We are grateful for Governor Murphy’s substantial financial commitment to these improvements to rail, bus and ferry facilities at Hoboken Terminal,” he said. “This will greatly benefit the millions of NJ Transit, PATH and NY Waterway customers who rely on this vital intermodal transportation hub each year.

“We look forward to continuing our partnership with Hoboken and LCOR to bring this project to life and restore the Hoboken Terminal to become the crown jewel of our transit system.”

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James H. Wright