The Hoboken City Council will vote on a resolution to support a future five-year tax abatement for a 4th Ward supermarket planned for 38 Jackson St.
By John Heinis/Hudson County View
” … A tax abatement can only be considered for the supermarket space once the space is converted into a separate and distinct condominium, consistent with state statute,” the resolution says.
“Whereas the Redeveloper has initiated the required steps to properly designate the supermarket space as a separate and distinct condominium within the Site … the City Council wishes to express its support for the evaluation and possible approval of a 5-Year Tax Abatement on the forthcoming supermarket condominium space within the Site.”
The nine-story, mixed use building, which is currently under construction, is aiming to provide 123 residential units and 100,000 square feet of retail/office space, according to the website of the contractor, the North Bergen-based Molfetta Corp.
The site began construction shortly after a tragic double fatal fire in December 2021.
4th Ward Councilman Ruben Ramos said a resolution for a short-term tax break is to provide assurances for the redeveloper as the area is going through some changes.
“It’s about preserving the market long term because they’ve been having a hard time finding a viable location, there’s not a lot of foot traffic in that area,” Ramos, the sponsor of the resolution, said over the phone this afternoon.
“This area will eventually be developed, but the short-term abatement will ensure they can stay in business for many years to come.”
The Hoboken City Council convenes for a public session at City Hall, 94 Washington St., at 7 p.m. this evening, with the meeting also streaming live on their YouTube page.
There may not be a lot of foot traffic now but there us usually bumper to bumper vehicular traffic clogging Observer Highway, Newark Street and the local streets on a daily basis.