A major redevelopment in uptown Hoboken has finally gotten off the ground after years of legal twists and turns as a partnership has been formed and construction has begun on a block of 13th Street.
Lincoln Property Company and Pegasus Partners LLC recently held a groundbreaking ceremony for their 1300 Jefferson Street project, an 18-story luxury multifamily development in Hoboken. Lincoln and Pegasus capitalized the project by securing an equity commitment from Pacific Life and a construction loan from Truist, while JLL advised on the debt and equity placement.
Jersey Digs first reported on the approved plans for the block-long property back in 2021. The development went through many trials and tribulations, including a lawsuit filed by Pegasus Partners against former Hoboken Mayor Ravi Bhalla for breaching a redevelopment deal and demanding the building’s height be lowered.
The City Council eventually approved a settlement agreement that allowed the original plan to move forward and ended the litigation while giving Pegasus greater development rights on other properties they own in the area.
Designed by New York-based Fogarty Finger Architects, the tiered structure will sport a five-story podium that includes a 304-space parking component, while the remainder of the building incorporates sections of 11, 16, and 18 stories. The mixed-use project will deliver 357 luxury residences and 24,000 square feet of retail at completion.
The development will also create 37 affordable housing units, including 20 on-site residences. The remaining 17 units will be supported through a contribution to veterans housing in Hoboken and is slated to be built at 308 Second Street next to the existing American Legion Post 107.
“After more than a decade of work, this milestone moves our long-envisioned plan for northwest Hoboken into construction,” said Mark Luis Villamar, Co-Founder of Pegasus Partners in a statement. “With Lincoln’s partnership, we can deliver a development that will serve the community for generations.”
Amenities at the future building will include several active roof terraces, a gym, and a pool on the 17th floor. A 5,234-square-foot public plaza will be constructed outside the front of the building, which faces ResilienCity Park.
The project represents the culmination of 14 years of entitlement work led by Pegasus to transform a formerly industrial area in northwest Hoboken into a modern mixed-use and residential neighborhood. Lincoln joined the project in 2024 as co-general partner and development manager.
“1300 Jefferson exemplifies the local partnerships Lincoln welcomes in high barrier-to-entry markets, pairing Pegasus Partners’ local fluency with our national development platform,” said Jared Toothman, Executive Vice President, Market Leader at Lincoln. “We are proud to partner with Pegasus to deliver quality housing that Hoboken and the New York metro area desperately need.”
The partnership also reflects a repeatable co-GP model for Lincoln, with the company and Pegasus planning thousands of additional apartments in Hoboken over the coming years. Pegasus has several plans in various phases of approval, including one for another 298-unit development next door at 1330 Jefferson.
The company has also begun to pitch a massive 1,300-unit, three-phase plan that would feature a whopping 51,860 square feet of ground-floor retail at 1200 Madison Street. That proposal was made possible by concessions Pegasus won from Hoboken via the aforementioned legal settlement agreement related to the 1300 Jefferson Street litigation.
