New Jersey Gov. Phil Murphy, along with officials and stakeholders, commemorated the Oct. 5 groundbreaking of Hoboken Connect, a long-delayed redevelopment effort in Hudson County.
The project, which has been 15 years in the making, will see the construction of two new buildings and renovations to the Hoboken Terminal area. It will include new office and retail space, affordable housing and improvements to public infrastructure and the surrounding area.
NJBiz reported Oct. 6 that Hoboken Connect's development is the result of cooperation between Murphy's administration, NJ Transit, the city of Hoboken and LCOR Inc., a real estate investment, development and management company specializing in large-scale, mixed-use development based in New York.
"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," Murphy said at the ceremony. "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."
Murphy's office released a statement that said the governor and the New Jersey Legislature have earmarked $176 million from the fiscal year 2023 budget for Hoboken Connect through the Debt Defeasance and Prevention Fund.
Project to Include New, Improved Spaces
The redevelopment agreement for the project with LCOR was signed off on by city officials in July and will pave the way for renovations to the historic Ferry Terminal, Warrington Plaza and Hudson Place. In addition, two buildings will be constructed — one commercial structure and another for residential use.
Retail spaces will be created on the first floor of the Ferry Terminal, according to the Hudson Reporter. Those renovations could include either a public market or food hall, along with up to 150 spaces of bicycle storage, the news source said.
The second floor will have programmable commercial space, which, if not used by NJ Transit for transportation functions, can be transformed into indoor and outdoor markets, a food hall and cultural spaces such as a museum, gallery or performance stage.
A new bus depot also is slated to be built at Hudson Place (subject to NJ Transit governmental approval), along with other upgrades overseen by a Design Task Force that reviews concepts, public comments, and sends any plans. The initial concepts will include green infrastructure components and other aspects for it.
Warrington Plaza will be renovated to allow for movable seating and tables, plus pop-up structures for public use.
Hoboken Connect's new commercial building, located at 5 and 23 Hudson Place, will be up to 20 stories tall, while the residential building, alongside Observer Highway, is set to be 28 stories tall and feature 389 residential units — 20 percent of which will be affordable housing.
The entire Hoboken Connect development effort will be conducted in multiple phases over the next five years.
Mutually Beneficial Effort
More than 9,800 construction jobs are predicted to be created from the project, according to Murphy's office, and when it is completed, Hoboken Connect will "indirectly" support 15,290 permanent jobs and $234 million in tax revenue annually.
The governor's staff also added that Hoboken would 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".
"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."
NJBiz noted that Kevin Corbett, president and CEO of NJ Transit, told the gathering that Hoboken Connect will comprehensively reimagine the city's 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," he said.
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