Just a few months after a deal that included residences, a hotel, and $2 million towards a public pool emerged for a block of uptown Jefferson Street, a second development from the same company with additional community givebacks has taken a step forward.
During their October 7 meeting, Hoboken’s City Council unanimously approved a resolution that executes a Redevelopment Agreement with a property owner named Hoboken Western Edge LLC. The company is a subsidiary of Pegasus Partners, who last year were designated as redeveloper for a 3.5-acre parcel at 1200-1330 Madison Street.
Spanning two entire blocks, the property was home to Universal Folding Box Company for over eight decades. The land is across from the currently under construction Northwest Park, which will add five acres of greenery to the neighborhood when it opens in 2022.
The redevelopment deal allows Pegasus to construct two mixed-use buildings on the parcels that include a total of no more than 701 residential units and no fewer than 526 parking spaces. The current plan calls for a North Building and South Building with varied heights topping out at 158 feet above the Design Flood Elevation.
Drawn up by Nastasi Architects, the preliminary design splits 338 units into the North Building and includes the remaining 363 in the South Building. 70 affordable units would be required per Hoboken’s regulations and the development includes rooftop pools, over 106,000-square feet of office space, and 78,000-square feet of ground-level retail between the two structures.
The development is slated to be LEED Silver and will include a subsurface stormwater detention system capable of retaining 13,235 cubic feet of stormwater. A 40,000-square foot publicly accessible open space component is required under the agreement and could be included on either the east or west side of the property.
As part of the deal, Pegasus will be making a “community benefit payment” of $6 million to the city that the agreement stipulates be put towards a public purpose in the neighborhood, which may include the development of a community pool and recreation center. The company’s other redevelopment deal from earlier this summer calls for a $2 million contribution towards the potential pool, which is rumored to be envisioned for a city-owned lot on 13th Street.
Paperwork submitted to the city indicates that the plans for 1200 Madison Street conform to the area’s Western Edge Redevelopment Plan, but the planning board will still need to approve the project before any construction begins.
Plans to further develop western Hoboken have heated up during 2020. Besides the projects from Pegasus, plans for a 186-unit development at 800 Monroe Street took a step forward in January and a proposal to add 393 apartments to 930 Monroe Street also emerged earlier this year. In addition, a 56-unit mixed-use project at 15th and Adams streets from Advance Realty was fully approved over the summer.
