Local and state officials gathered at the Hoboken Terminal on Oct. 5 to break ground on the new redevelopment project titled “Hoboken Connect” that will bring two new buildings and renovations to the Hoboken Terminal area.
“Thank you for coming on this unfortunately rainy day and as we celebrate what is a truly transformational project,” said Mayor Ravi Bhalla. “Not just for Hoboken or the region, but I really think for the nation as well. This will serve as a gateway to our city, but also a model of collaboration through innovative public private partnership.”
The redevelopment agreement for the project with developer 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, and for the construction of two new buildings that will be commercial and residential respectively. The project will be conducted in multiple phases over five years.
“This is a city whose entire persona and perception had been transformed across the course of the past quarter century,” said Gov. Phil Murphy. “Abandoned factories which spoke to Hoboken’s past and empty lots which pointed to stalled potential had been turned into world class places to live and work.”
“People from across the Hudson now come here,” he continued. “Hoboken Connect is going to create a new atmosphere in this historic and well-tread quarter. It will create a space that not only honors Hoboken’s past and meets the needs of its present, but it will position the city for its future.”
The Ferry Terminal will be renovated to create retail space on the first floor, which could include either a public market or food hall, along with up to 150 spaces of bicycle storage.
The second floor will have programmable commercial space, which if not used by NJ Transit for transportation functions, can be used for indoor and outdoor markets, a food hall, and cultural spaces such as a museum, galleries and performance space.
A new bus depot will be built at Hudson Place (subject to NJ Transit governmental approval) along with other improvements, overseen by a Design Task Force to review concepts and public comments and submit any plans. The initial concepts will include green infrastructure components and other aspects for it.
Warrington Plaza also will be renovated with movable seating and tables and pop up structures for public use.
The commercial building, located on 5 and 23 Hudson Place, will be up to 20 stories high, while the residential building, located alongside Observer Highway, will be 28 stories with 389 residential units, with 20 percent of it being affordable housing.
The governor’s office said that more than 9,800 construction jobs will be created from the project, and when it’s completed, it will “indirectly” support 15,290 permanent jobs and $234 million in tax revenue annually.
The office continued that 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”.
The office also said that Murphy and the State Legislature have earmarked $176 million from the fiscal year 2023 budget for Hoboken Connect through the Debt Defeasance and Prevention Fund.
“I know that I stand here representing LCOR and I speak for everyone when I say we are excited to begin what now is the hard work of realizing this,” said LCOR Senior Vice President Brian Barry.
“To continue to work with our strategic partners in this process, transform this gateway to the city and state, and restore the heart and soul of this downtown city with the transformation of Hoboken Terminal,” he continued.