New Jersey Governor Phil Murphy yesterday commemorated the groundbreaking of a major new development and public infrastructure improvement project near Hoboken’s historic train station. The long-stalled redevelopment effort, now called Hoboken Connect, will produce new office and retail space, affordable housing, and improvements to public infrastructure and the surrounding streetscape. The project, which had been in development for 15 years, was jump-started by the Murphy Administration through cooperation among various partners, including NJ TRANSIT, LCOR, and the City of Hoboken.
Hoboken Connect is a multi-phased initiative that consists of private and public components to be 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 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 percent 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 open space investments, including additional pedestrian, vehicular, and bicycle improvements.
Public investments will include construction of a new bus terminal on Hudson Place; significant rehabilitation of the first and second floors of the Ferry Terminal for publicly accessible 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 and the Legislature committed $176 million during the FY2023 budget agreement to this project through the Debt Defeasance and Prevention Fund.
-via Press Release