Gov. Phil Murphy (D) joined Hoboken officials to break ground on the former rail yards redevelopment plan, now known as the Hoboken Connect project, this morning, an endeavor that has already received $176 million in state funding.
The project, which has been in the works since 2005, 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. Additionally, more than 9,800 construction jobs will be created, officials said today.
“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 today.
“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. Just as crucially, this game-changing project will connect New Jerseyans to economic opportunity through affordable housing, public and active transportation options, and thousands of good-paying jobs.”
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.
“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,” added Mayor Ravi Bhalla.
“Thank you to Governor Phil Murphy and Senator Brian Stack, as well as Assemblywoman Annette Chaparro and Assemblyman Raj Mukherji for their commitment to this project and dedicating over $170 million of public investments to ensure its success.”
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.
“Modernizing our transit infrastructure is a cornerstone of building sustainable communities that will pay dividends for generations to come,” stated New Jersey Department of Transportation Commissioner and NJ TRANSIT Board Chair Diane Gutierrez-Scaccetti.
“This project is an example of how the public and private sectors can come together to make our cities more walkable and transit oriented as we continue to limit our impact on climate change.”
Murphy and the state legislature committed $176 million during the FY2023 budget agreement to this project through the Debt Defeasance and Prevention Fund.
“This project has something for everyone. Whether someone is visiting for the day, looking to travel, or looking for an affordable place to live, they will be able to find what they need right here in Hoboken,” noted Chaparro.
“This transformational redevelopment project is exactly the type of transit-oriented mixed-use development Hudson County needs in order to meet the climate change and housing affordability challenges we face, while creating thousands of union construction jobs and thousands of permanent jobs,” Mukherji explained.
City officials, in conjunction with LCOR, laid out the latest iteration of the plan in March before the city council approved a redevelopment agreement with LCOR in July.
Hope Hoboken and it’s residents end up better and not overwhelmed after all the construction is done by both LOCOR and the more multiple residential (47-13 story) skyscrapers that will be built in the Jersey City just
feet from Hoboken Light Rail Terminal.
Yes, the slide into blending Jersey City and Hoboken’s towering skylines is underway.
There will be no going back. Politicians will be greased like never before. Thanks Ravi!
About time -after a decade of doing nothing
It is about time to bring more JOBS to Hoboken and $234 in tax revenue is nothing to sneeze at.
$234 MILLION -lol
Hmmm NJ Transit does not pay real estate taxes or school taxes.
Not sure how they came up with their numbers.
Hey John – any estimate on how much PILOT revenue Hoboken is projected to receive each year when the project is complete and the timetable on which that revenue is projected to flow in to the City’s coffers? Presumably the revenue will be generated in stages over many years as portions of the project are built out and occupied, so it will take many years for any meaningful revenue to flow to the City.
It’s a pretty important question since Mayor Bhalla has used that revenue as one of his main funding sources for his other development priorities like the massive new public safety and everything else he could throw in complex.
Also, what is the estimated annual increase in city expenses (Public safety, garbage collection, schools, etc) due to the added resident population and commercial activity?
Obviously the PILOT revenue available for the Mayor’s other priorities would have to be reduced by those costs if the goal is to have an honest, realistic projection, and the same money can’t be “allocated” more than once.
Hmmm NJ Transit does not pay real estate taxes or school taxes.
Not sure how they came up with their numbers.