Hoboken Approves Redevelopment at Capital One Bank Site

Capital One Redevelopment Hoboken 3
The site of the former Capital One branch at 301-311 Washington Street in Hoboken is undergoing significant redevelopment. Image courtesy Nastasi Architects via the application.

A vacant former bank branch along the main drag of Hoboken will soon be meeting the wrecking ball in favor of a mixed-use complex that will add several new storefronts to the streetscape.

During their April 16 meeting, Hoboken’s Zoning Board unanimously approved an application to completely revamp several properties at 301 Washington Street. The land currently sports a surface parking lot and a shuttered Capital One branch plus a drive-thru window.

301 311 Washington Street Hoboken Rendering 6
Rendering of the approved project. Image courtesy of Nastasi Architects.

Jersey Digs first reported on the plans in late 2022, which emerged shortly after Bethesda-based Federal Realty Investment Trust acquired the lots for a total of $9 million.

Hoboken’s Historic Preservation Committee signed off on a proposal to demolish the current building last year following a report from the New Jersey Department of Environmental Protection noting that the former bank branch was a “non-contributing resource” to the city’s Central Business & Washington Street Historic District, as it was not constructed between 1838 and 1967.

301 311 Washington Street Hoboken Rendering 3
Image courtesy of Nastasi Architects.

Designed by Nastasi Architects and modified slightly from the proposal that emerged in 2022, the fully approved plan calls for a five-story building that includes a total of 45 residences. 43 of the units will be located in the “main building” fronting Washington Street, while a pair of three-bedroom spaces will be built along Court Street over a reserved parking space below.

301 311 Washington Street Hoboken Rendering 1
Image courtesy of Nastasi Architects.

The residences otherwise break down as 24 one-bedroom units, four one-bedroom plus dens, 14 two-bedroom units, and one three-bedroom unit. Five of the apartments will be set aside as affordable housing per Hoboken’s local ordinances.

The development will add significant retail to this lively stretch of Washington Street. A total of five storefronts spanning 9,775 square feet will be located on the ground floor and partially in the cellar of the building.

301 311 Washington Street Hoboken Rendering 5
Image courtesy of Nastasi Architects.

The application says no specific tenants for the commercial spaces have been identified at this time, but the storefronts can be classified as Class I Bar or Class I restaurants for zoning purposes. Additionally, the sidewalk along Washington Street will potentially be able to accommodate outdoor cafés.

The development includes both a retail elevator, residential elevator, and service elevator, with the residential portion to be entered on 3rd Street. The building will sport a 2,655 square feet common rooftop terrace for residents and an interior residential courtyard that fronts on Court Street.

301 311 Washington Street Hoboken Rendering 2
Image courtesy of Nastasi Architects.

The design of the building’s façade will align with adjacent historic buildings on Washington Street to the north. The fifth floor will be visually minimized, as it will use a differentiated light gray aluminum panel façade instead of traditional brick.

301 311 Washington Street Hoboken Rendering 4
Image courtesy of Nastasi Architects.

Federal Realty Investment Trust still needs to tear down the existing building and parking lot before construction on the approved development can begin. A timeline for when that work could begin has not been announced.

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