The New Jersey Economic Development Authority (NJEDA) has awarded Aspire tax credits to support a 20-story Hilton Hotel with 350 guest rooms, lobby-level restaurant, rooftop bar, and more.
By John Heinis/Hudson County View
“Under Governor Murphy’s leadership, the Aspire program has supported meaningful transit-oriented development projects throughout the state, helping grow communities and create jobs,” NJEDA CEO Tim Sullivan said in a statement.
“Adding a new major hotel to Hoboken’s iconic waterfront will attract tourism and spur economic activity in the area, building a stronger, more resilient city that will benefit Hoboken residents for decades to come.”
The developer, One SD Hoboken, plans to build a full-service Hilton Hotel on the site of the former parking lot of the Hoboken Post Office on Sinatra Drive. They were awarded a tax credit award of 60 percent of the total project cost, not to exceed $63.4 million.
The project also includes the creation of a publicly accessible pocket park, as well as significant streetscape and sidewalk enhancements to improve pedestrian connectivity along Sinatra Drive.
Guest parking will be accommodated via valet service utilizing an existing adjacent underground garage.
“Support from the Aspire Program and this meaningful investment in Hoboken will help ensure that the city continues to be a model for green, accessible, and transit-oriented economic development,” added state Senator Raj Mukherji (D-32).
“The construction of a brand new hotel right on the Hoboken waterfront will help welcome tourists and other guests, spur business, and create more publicly accessible green space.”
Additionally, this project will be designed and constructed to the U.S. Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) Silver standard, satisfying the Aspire program’s Green Building Standards.
“Today’s announcement represents a major step forward for Hoboken. The new hotel represents a win for our city, bringing new jobs, open space, and vital infrastructure improvements that will benefit residents and visitors alike,” noted Mayor Ravi Bhalla, an incoming assemblyman.
“It’s a prime example of what we can accomplish when local and state partners work together toward a shared vision for smart, sustainable growth. Thank you to Governor Murphy and NJEDA Chief Executive Officer Tim Sullivan for their continued partnership and commitment to Hoboken’s future.”
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps.
The Hoboken City Council approved the Hoboken Hotel Plan in October 2018, though two nearby property filed suit in August 2019 alleging that the $3.2 million in community givebacks “amounts to a slush fund for the city,” as HCV first reported.
The suit was eventually dismissed in Hudson County Superior Court.
