A groundbreaking ceremony was held today for Hoboken Connect, major new development and public infrastructure improvement project near Hoboken’s historic train station. The long-stalled redevelopment will produce new office and retail space, affordable housing, and improvements to public infrastructure and the surrounding streetscape. The project, which had been in development for 15 years, was jump-started by the Murphy administration through cooperation among various partners, including NJ TRANSIT, LCOR, and the City of Hoboken.
According to Murphy, “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.”
Hoboken Connect is a multi-phased initiative that consists of private and public components to be implemented in coordination over the coming five plus years. When complete, the project 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. More than 9,800 construction jobs will be created.
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.
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. Governor Murphy and the Legislature committed $176 million during the FY2023 budget agreement to this project through the Debt Defeasance and Prevention Fund.
All improvements will be made utilizing historic preservation guidelines where applicable.
“Modernizing our transit infrastructure is a cornerstone of building sustainable communities that will pay dividends for generations to come,” said 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.”
“NJ TRANSIT is grateful for Governor Murphy’s significant investment in our Hoboken Terminal, and to the ‘Hoboken Connect’ project that will comprehensively reimagine the terminal,” said NJ TRANSIT President & CEO Kevin S. Corbett. “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.”
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